FuelQuest is a market leader with solutions that solve critical downstream energy issues, and a company with a strong management team that has experience in international business.
Houston, TX (PRWEB) March 27, 2012
FuelQuest, Inc., the leading on-demand software and services company for the global downstream energy industry, today announced a $10 million round of funding from investors advised by Talis Capital Limited. Talis, a London-based private equity and advisory firm focused on the energy sector, organized this minority investment. FuelQuest will use the funds to accelerate product development and pursue new growth opportunities.
“FuelQuest is a market leader with solutions that solve critical downstream energy issues, and a company with a strong management team that has experience in international business,” says Vasile Foca, director and co-founder of Talis Capital Limited. “FuelQuest has proven they can address challenges common to energy companies – whether based in the U.S. or developing markets. We are excited to have raised the next round of funding that will help FuelQuest achieve continued success in these areas.”
Since launching in 1999, FuelQuest has become the leader in on-demand fuel management and tax automation solutions for the downstream energy industry. FuelQuest has achieved record company growth each of the last four years and has seen strong demand for it’s recently released ForeSite™ and Zytax Compliance 5 products as well as Fuel Center®, its leading fuel management service. The growth capital will enable additional development and deployment of solutions that address the challenges stemming from rising fuel price and tax volatility.
“The Talis team provides FuelQuest not only growth capital, but knowledge of energy and emerging markets that will be a valuable resource as we expand our product capabilities and geographic reach,” says Matt Tormollen, president and CEO of FuelQuest, Inc. “We are pleased with the strong synergy between Talis and our existing majority investor, Saracen Energy, as we team to drive real value for FuelQuest’s customers.”
JMP Securities LLC acted as the exclusive placement agent for the transaction.
FuelQuest provides on-demand fuel management, tax automation, and compliance solutions for suppliers, distributors, buyers, and traders of petroleum products and other energy commodities. FuelQuest's solutions deliver operational and financial value to over 650 customers. These customers include leading global oil companies, international retailers, shippers and government entities. FuelQuest's fuel management solutions help customers manage the complexity, regulation and market volatility for more than 19 billion gallons of gasoline and diesel fuel annually. Its Zytax solutions ensure compliance and accuracy for tens of billions of dollars of energy-related excise taxes per year. Learn more at http://www.fuelquest.com.