Oildex Reports Milestone, Spendworks Helps Customers Achieve Record Early Payment Discount Savings in 2012

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Spendworks, a cloud-based ePayables solution, provides strategic value for clients through early payment discount identification and capture.

Because Spendworks is more efficient, we are able to take advantage of early pay discounts, which we had difficulty doing in the past. This has saved us a bundle. - Oildex Customer

Transzap, Inc., the parent company of Oildex, the pioneer developer of cloud-based smart information management solutions for the energy industry, announced today its flagship ePayables solution, Spendworks, has helped customers achieve record early payment discount savings.

In 2012, Spendworks customers saved an extraordinary $9 million in early payment discounts.

Oildex's Spendworks is an accounts payable automation and electronic invoice processing system designed to help oil and natural gas companies improve workflow and productivity. With the Spendworks smart information solution, companies can effectively take advantage of suppliers' early payment discount opportunities.

An Oildex customer, one of the largest natural gas producers in the United States, asserts, “Thanks to Spendworks, we’ve drastically reduced the amount of time it takes to process our ever growing number of invoices, and our employees are able to process many more invoices than before. Because Spendworks is more efficient, we are able to take advantage of early pay discounts, which we had difficulty doing in the past. This has saved us a bundle.”

"Oildex’s ePayables platform is proven to drive strategic advantages to business throughout the North American oil and gas industry,” said Oildex President and CEO, Richard Slack. “Delivering value to our customers has contributed to our long heritage as the smart information management services pioneer.”

About Transzap, Inc.

Transzap™, the parent company of Oildex, provides smart information management and business process automation Software-as-a-Service (SaaS) solutions to over 7,900 companies and 130,000 registered users in the oil and natural gas industry. The Oildex suite of services streamlines operations, enabling companies to shift from paper-based processes to electronic, and provides tools for companies to track and understand their transactions in near-real time. Currently available services include: digital and scanned invoice processing (Spendworks™), business intelligence (Trendx™), owner/producer relations data posting (Owner Relations Connect™), check stub reporting (Checkstub Connect™ - CDEX), scanned check stub reporting (CDEX Complete™), joint interest bill processing (JIB Connect™), scanned JIB processing (JIB Complete™), budget creation and approval (AFEworks™), crude oil data exchange (Run Ticket Connect™ - CODE), and production and sales volume reporting. Transzap has offices in Denver and Houston. For more information, please visit Transzap or Olidex.

Transzap & Oildex Contact:

Courtney Brewer, Marketing Specialist

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