Oildex Announces New Supplier Success Program
On February 22, Oildex, a leading provider of oil and gas accounting software, announced its new supplier success program. Effective April 1, Oildex will offer a series of tools and services that will create more value for the 60,000 suppliers that currently participate in the Oildex program. This program speaks to the engagement and support of suppliers in the future development of the Oildex network. Oildex will provide an enhanced support model with premier support services to its suppliers. There also has an out-of-the-box integration with the QuickBooks tool planned from the network to the suppliers accounting and ticketing systems, and additional integrations to follow. The creation of a supplier directory will provide access to marketing opportunities related to the directory and placement within it.
The new supplier success program is part of a shift in strategy for Oildex to engage suppliers and to develop a more supplier focused roadmap. To help achieve this, Oildex plans to let the suppliers have access and visibility into the buyer’s price book so that when they are creating an invoice out in the field, they are able to do so in a more streamlined manner and with correct pricing information. As part of this shift in strategy, Oildex also plans to expand the attendance and content at its 2017 user conferences. They will invite and include many of their supplier participants to the two conferences scheduled in September in Canada and the US respectively.
Kofax Unveils New Invoice Approval Solution
On February 22, Kofax, the Irvine, California-based provider of smart process applications, unveiled their new invoice approval solution, Kofax Perceptive AP Invoice Approval 2.0. The solution is designed to streamline the invoice approval process and better automate the entire end-to-end AP processes. This will be done via a new mobile-optimized interface that Kofax says is usable on any device. The new application also includes general ledger coding that will allow users to allocate and validate the costs outside of the ERP and as a result, accelerate approval routing. The general ledger coding will also allow users to select or edit GL codes and obtain validation and feedback in real-time. This will help ensure there are fewer workflow errors. Kofax says that this will also reduce approval times, enhance cost tracking, and preserve an audit trail.
Genpact Loses Required Services from Former Parent Company GE
Genpact, a global business process management and services and IT corporation with offices in New York and India, recently announced a new master service agreement with its former parent company, General Electric (GE). The agreement, which went into effect in January of this year, stipulates that GE is no longer required to purchase a minimum amount of services from Genpact, and GE is not obligated to provide Genpact any exclusive project opportunities. Genpact was founded as a business unit of GE in 1997, became an independent company in 2005, and publicly traded in 2007.
Top Image Systems Announces 2016 Fourth Quarter and Full-Year Results
On March 9, Top Image Systems, a document processing solutions company based in Tel-Aviv, Israel, announced their fourth quarter and full-year financial results from 2016. The company had a few transformational initiatives in Fiscal Year 2016, including the appointment of Brendan Reidy as its new CEO and the appointment of Don Dixon, who is the Managing Director of the private equity firm Trident Capital, as Chairman of the Board. While the annual revenues fell slightly compared to 2015, Reidy thinks that consolidating and streamlining their operations in Europe under one layer of management and at their Plano, Texas location in the US, it will allow them to save on annual expenses and focus on making investments in their core document capture business. The company plans to continue with efficiency improvements in operations so that costs can be taken out of the business and allow them to speed up investments in their cloud-based applications software segment. Full Year Highlights include:
- Annual revenues were $31.6 million, compared to $33.8 million last year;
- Net loss was ($6.4) million, compared to ($8.3) million for 2015;
- Adjusted EBITDA* was a loss of ($0.6) million, compared to a loss of ($1.5) million for 2015;
- Recurring revenues were $19.4 million in both 2016 and 2015, representing 61% of total revenues in 2016 compared to 58% of total revenues in 2015;
- GAAP total expenses for 2016 were $37.4 million compared to total expenses of $ 39.7 million for 2015
Tungsten Network Partners with Orbian to Provide Cash to its Corporate Clients
On February 22, Tungsten Network, the supply chain management and eInvoicing company with its headquarters in the London, announced a new partnership with Orbian to provide cash to their corporate clients. Orbian, the Carlsbad, CA based Supply Chain Finance company, will link its SCF solution to Tungsten’s supply chain management platform. Tungsten had recently released its Early Payment solution to help suppliers on their platform manage cash, but this partnership will allow Tungsten to accommodate the needs of their buyer customers. Late last year, Tungsten decided to sell Tungsten Bank, due to what the company said was an inability to grow at a pace that investors had hoped. In its Q2, 2017 data report, released last December, Tungsten revealed that their losses had been shrunk to $2.4 million and their revenues had gone up 20% in the quarter.