Pandell News - June 18, 2008
Pandell Technology Corp. Acquires Dowwest Accounting Management Ltd.
Expansion Places Pandell as the Largest Market Share Provider of Oil & Gas Software and Outsourced Services
Calgary, AB, June 18, 2008 -- Pandell Technology Corporation, a pioneer of Software-as-a-Service (SaaS) industry solutions, announced today that it has acquired Dowwest Management Accounting Ltd., an established provider of accounting products and services for the oil and gas industry.
Specific terms of the deal were not disclosed but the purchase was outlined primarily as a cash transaction. This is Pandell’s third acquisition in three years; further securing its spot as a market leader in delivering subscription-based, industry specialized, software products and support services.
The Dowwest acquisition includes an existing customer base of 125 junior and intermediate oil and gas companies who use Dowwest’s outsourced accounting services coupled with its products; ForeFront Financial Accounting and ForeFront Production Accounting. Combined with Pandell’s oil and gas client base, the company will hold an estimated 60% of the market, with 430+ customer installations of its back-office tools and outsourced services.
“Dowwest has a 28 year history of servicing and supporting the junior oil and gas community,” says Joseph Dow, former President of Dowwest, and new President, Oil and Gas Services Division for Pandell. “This exciting new opportunity represents a logical step forward for our business to enhance our market offerings and provide greater outsourced accounting service options for junior and intermediate companies.”
“Pandell is passionate about offering our oil and gas clients the best and most comprehensive suite of simple, integrated, and economical back-office solutions,” says Greg Chudiak, President and CEO of Pandell. “Dowwest’s products and services are an ideal complement to our oil and gas business, and its industry knowledgeable staff will be a welcome addition to Pandell.”
About Dowwest Management Accounting Ltd.
First launched in 1980, Dowwest Management Accounting Ltd. is a private Calgary based company providing joint venture accounting, production accounting, and taxation outsourced products and services to over 125 junior and intermediate oil and gas companies across Western Canada.About Pandell Technology Corporation
Established in 1997, Pandell is a software solutions company with three business divisions. The PLISolutions Division builds and supports enterprise web applications. The NexusWorkforce Division provides oil and gas accounting services. The NexusSuite Division sells and supports a full set of back-office oil and gas software products. With its industry expertise and unique Pandell Liquid Intelligence™ technology ("PLI"), the company delivers the most modern, affordable software solutions to its clients.
For more information:
Karen Beagle
Pandell Technology Corporation
(403) 685-6235
info@pandell.com
