Oildex Releases Spendworks 4, the Next Generation of Its Industry Leading ePayables Solution

DENVER and HOUSTON, Dec. 8, 2010 /PRNewswire/ -- Oildex™, a service of Transzap, the energy industry's leading provider of ePayables, eBudgeting, and eRevenue software-as-a-service (SaaS) solutions, today announced the release of Spendworks 4, the next generation of its industry leading ePayables SaaS solution. The announcement was made today at the U.S. 2010 Spendworks User Conference.

Utilizing the latest web-based technologies, Oildex Spendworks 4 is faster and more reliable than ever before, providing customers with quicker access to critical operational data. Oildex also simplified the user interface (UI) in Spendworks 4 – a direct result of a usability study Oildex conducted with actual Spendworks users – making it more intuitive and reducing the number of clicks needed to process and access information.  

In addition, Spendworks 4's consolidated web-based application delivery platform makes it easier for Oildex to deliver new features and provide customer support.

"Transzap is pleased to announce the release of Oildex Spendworks 4, the next generation of our industry leading invoicing processing software-as-a-service solution," said Peter Flanagan, the president of Transzap, the parent company of Oildex. "Spendworks 4 is the direct result of Oildex's continued efforts to work closely with customers to develop products and services designed to help them streamline workflow, increase operational efficiencies, and improve capital management. We have already received very positive reviews from current customers and expect prospective customers to embrace the new platform as well."

About Oildex

Oildex, a service of Transzap™, provides ePayables, eBudgeting, and eRevenue software-as-a-service (SaaS) solutions to the oil and natural gas industry, and serves over 9,000 companies and 200,000 registered users. The Oildex suite of services streamlines operations, enabling companies to shift from paper-based processes to electronic and provides tools for companies to track and understand their transactions in near-real time. Currently available services include: digital and scanned invoice processing (Spendworks™), business intelligence (Trendx™), owner/producer relations data posting (Owner Relations Connect™), check stub reporting (Checkstub Connect™ - CDEX), scanned check stub reporting (CDEX Complete™), joint interest bill processing (JIB Connect™), scanned JIB processing (JIB Complete™), budget creation and approval (AFEworks™), crude oil data exchange (Run Ticket Connect™ - CODE), and production and sales volume reporting. Transzap has offices in Denver and Houston.

This news release and additional information are available at www.oildex.com and at www.transzap.com.

SOURCE Oildex, a service of Transzap, Inc.