W Energy Software, a leading provider of cloud-based accounting and ERP software to enterprise and mid-market customers across the energy and commodities value chain, today announced the acquisition of Seven Lakes Technologies (Seven Lakes) in a move that brings next-generation intelligence to field operations and the energy back office. Seven Lakes’ JOYN SaaS platform and cutting-edge mobile app empower energy producers to bridge the last mile of field connectivity and generate more revenue at higher margins. The acquisition accelerates W Energy Software’s production management capabilities with category-leading field data gathering and pump by exception solutions that leverage artificial intelligence (AI) to optimize well routes, leading to increased production and lower well downtime. The operational efficiencies created by JOYN for customers also further position W Energy Software to be a key software vendor in supporting the larger energy transition.
“Building on our momentum and market growth in upstream, the acquisition of Seven Lakes accelerates our capabilities in field operations and production management with AI and intelligent workflows that create the most advanced and comprehensive SaaS energy ERP on the market spanning field data gathering, production optimization, financials, division order, revenue disbursement, and much more,” said Mark Hill, W Energy Software’s CEO. “This is a natural expansion of W Energy Software’s capabilities in this space that opens exciting new opportunities for our clients to further optimize operations, empowering energy producers to capture more profit through streamlined production processes. The platform generates demonstrable and measurable returns to energy producers on the investment in the software.”
With its acquisition of Seven Lakes and JOYN, W Energy Software takes a market leadership position by creating the only comprehensive solution built for the cloud that seamlessly links back-office workflows and ERP directly with AI-optimized field operations.
Shiva Rajagopalan, CEO, and founder of Seven Lakes commented, “It’s truly momentous as we bring together our category-leading pump by exception technology with W Energy Software’s best-in-class SaaS ERP for the first-ever enterprise-scale, comprehensive ‘field to balance sheet’ solution. Our shared commitment to relentless innovation and customer success will allow clients to leverage the next generation of digital field intelligence so that they can do more with less.”
Seven Lakes has generated significant interest in its products since the beginning of the JOYN journey and currently has numerous notable supermajors and majors in the upstream space as customers today. Its customers realize measurable business value and returns on their JOYN deployments, and producers estimate the time and cost savings attributed to JOYN to be in the tens of millions of dollars per year. In addition, the streamlined efficiencies, such as more operational uptime, enhanced visibility into capital expenditure requirements, and less miles driven in the field, further align customers with good stewardship of these natural resources.
Through its acquisition of Seven Lakes, W Energy Software is doubling down on innovation and client services by expanding operations to the company’s impressive product development team, engineering support staff, and client success center, extending W Energy Software’s ability to innovate, implement, and provide clients with around the clock support.
About W Energy Software
Headquartered in Tulsa, Oklahoma, W Energy Software offers the energy industry a unified ERP solution built for the cloud that is relied on by more than 130 upstream and midstream companies to accelerate business performance, improve operational efficiency, and reduce costs. W Energy Software combines precision-built software in one extendable cloud-based workspace with an intimate understanding of the energy business to deliver solutions that offer flexibility, affordability, and continuous upgrades. With W Energy Software, energy companies stay lean and agile with the tools they need to adapt to market changes and meet evolving customer needs head-on, all while gaining the confidence that their business is running on the latest technology. W Energy Software’s investors include True Wind Capital and M33 Growth.
For more information, please visit http://www.wenergysoftware.com.
About Seven Lakes Technologies
Headquartered in Westlake Village, California, Seven Lakes is a market leader in cloud-native field operations solutions for the upstream oil & gas sector focused on production, CAPEX and OPEX improvements, data management, and analytics. The company pioneered the first cloud-based integrated production system with JOYN, a reporting and mobile platform for optimizing well routes while accelerating field data gathering and production allocations. With more than 6,000 users and 50 clients, including supermajors and major producers, Seven Lakes’ solutions are relied on daily for full well lifecycle management.
Oil and gas operations are commonly found in remote locations far from company headquarters. Now, it's possible to monitor pump operations, collate and analyze seismic data, and track employees around the world from almost anywhere. Whether employees are in the office or in the field, the internet and related applications enable a greater multidirectional flow of information – and control – than ever before.