Oildex Announces Record Breaking Growth For 2013

Oil and Gas Cloud Provider Exceeds Previous Milestones in Total, Operational and CDEX Revenue

DENVER and HOUSTON − November 25, 2013 - Oildex, the cloud-based provider of smart information management solutions for the Oil and Gas industry, is pleased to announce record breaking growth in October, 2013 across the business including revenue and transactional volume.

Results show Oildex had its best month ever in October 2013 including total monthly revenue growth of 18% over 2012 YTD and an operating revenue increase of 23% compared to 2012 for the same period. On a product level, Checkstub Connect (CDEX) revenue grew 23% month-to-month compared to September, 2013.

These revenue numbers can be attributed to strong growth in business fundamentals including:

  • Checkstub Connect (CDEX) line count grew over 12% month-over-month compared to September, 2013
  • Spendworks invoice count reached a new monthly record with a month-over-month increase of 17% compared to last month

In addition to these records, Oildex saw an increase in sales momentum for their Spendworks product having received commitment from several new customers in October and have seen their oil and gas specific supplier network grow 23% in 2013.

“The substantial growth that we are seeing this year is a direct result of the significant investments we have made in prior months and years in our people and products,” said Richard D. Slack, CEO and President of Oildex. “While we are very proud of these results, I am equally excited about how they position Oildex for even greater growth in 2014.”

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