Pandell Technology Corp. Acquires Dowwest Accounting Management Ltd.
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 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 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.”
“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 oil and gas companies across Western Canada
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Pandell is a premier software company that delivers industry specialized Software-as-a-Service solutions to 500+ energy companies in Canada, USA, and globally. Its web-based product suite helps finance, land, and operations teams effectively run their business; while its enterprise division builds and manages large-scale .NET web applications for organizations. Combining the strength of its industry experience, ground-breaking Lithium™ technology, and practical software subscription model, Pandell is Crafting the Future of Energy Software.