Accel-KKR-backed Olidex is buying Automatic Data Processing Inc.'s (Nasdaq: ADP) procure-to-pay business, which provides finance services to the oil and gas industry.
The procure-to-pay system includes OpenInvoice, a cloud-based, automatic invoicing, price-compliance and spend-visibility services used by more than 45,000 oil and gas industry suppliers. Terms of the deal weren't disclosed.
Olidex provides invoice processing, owner relations web portals, check stub detail and reporting, bill processing, crude oil data exchange, production and sales reporting to oil and gas businesses. Combined, the companies will serve more than 1,100 customers and 50,000 suppliers.
Olidex is majority-owned by Accel-KKR, a technology-focused private equity firm with more than $2.5 billion in assets under management. The Menlo Park, California-based group is also invested in HR software business F.W. Davison & Co., which it picked up in September; and construction software business On Center Software, which it acquired in 2013. Accel-KKR closed a fund with $325 million in commitments in 2014.
Mooreland Partners advised ADP on the deal.