Cloud-based oil and gas software improves visibility for PE firm within investment portfolio
HOUSTON--(BUSINESS WIRE)--Quorum Software (Quorum), the leader in digital transformation for the oil and gas industry, today announced that PetroCap LLC (PetroCap), an oil and gas private equity investment firm based in Dallas, Texas, selected Quorum's cloud-based Upstream On Demand solution as a preferred operational and accounting software option for its partner companies. This solution allows PetroCap to streamline financial and operational reporting across its projects in addition to bringing best-in-class technology to their partners.
“When searching for the right solutions to help our entire portfolio, we knew we needed a partner whose technology could scale, be implemented quickly, and give us the visibility we need across our investment operations, including everything from accounting to land to production,” said Lane Britain, a partner at PetroCap. “We work closely with our partner companies to understand their immediate needs as well as how we can continually support them financially and operationally. Quorum understood our vision and worked with us to create a package for its Upstream On Demand suite that will enable our partner companies to operate more efficiently.”
Quorum’s Upstream On Demand software is a true multi-tenant SaaS solution designed for both operators and their private equity backers that need cost-effective solutions that are simple to deploy, easy to use and do not require extensive IT resources.
“PetroCap’s business model is built around bringing oil and gas technical expertise, in addition to capital, to our operating partners across the United States,” said Amanda Coussens, chief financial officer at PetroCap. “We needed an IT partner that we could rely on to serve our diversified portfolio, and we found that in Quorum. We believe that our partner companies see value in PetroCap’s partnership with Quorum as they explore products to meet their various operational or financial needs.”
“Growth stage upstream companies are focused on capital discipline and operational efficiency,” said Soroosh Seyhoon, vice president of sales, Quorum Software. “PetroCap’s use of Upstream On Demand represents an innovative application of the cloud solution that reduces the complexity of operations across its portfolio of companies. This makes all the sense in the world for a growth-minded E&P company looking for a competitive advantage and strong partnership from an investor.”
Quorum is a sponsor of the 2020 NAPE Summit and is showcasing Upstream On Demand at booth #2437. Read more about how Quorum’s upstream SaaS solutions are helping private equity firms glean deeper insight into investment operations by visiting https://www.quorumsoftware.com/upstream-on-demand.
About Quorum Software
Quorum Software offers an industry-leading portfolio of finance, operations and accounting solutions that empower our customers to streamline operations that drive growth and profitability across the energy value chain. From supermajors to startups, from the wellhead to the city gate, energy businesses rely on Quorum. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to drive innovation. We’re helping visionary leaders transform their companies into modern energy workplaces. For more information, visit www.quorumsoftware.com.
PetroCap is an energy private equity firm founded in 1992 with over $850 million of committed capital since inception. PetroCap focuses on investing as a working interest partner with independent operators in conventional and unconventional upstream projects across the United States. PetroCap brings substantial technical and financial experience to its oil and gas project investments. For more information, visit http://www.petrocap.com/.