Quorum Software Recognized as a 2018 HFS Hot Vendor by Top Global Research Firm

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Jul 31, 2018, 11:27 ET

According to HFS, 'Quorum is a rather compelling case of a transformation that many service provers are trying to emulate'

HOUSTON, July 31, 2018 /PRNewswire/ -- Quorum Software, the leader in digital transformation for the oil and gas industry, today announced it has been named a Hot Vendor by the global research firm, HFS Research. The report, titled "The HFS Hot Vendors Q2 2018," designated five vendors, including Quorum, for a period of one year from Q2 2018 – Q2 2019.

The group of vendors was selected based on HFS' rigorous criteria which evaluates the distinctiveness of the vendors' offerings, their ecosystem robustness, client impact, financial position, and the impact in their Digital OneOffice Framework.

"We're thrilled to join the exclusive group of vendors that HFS has recognized in their latest Hot Vendor Report," said Olivier Thierry, Quorum CMO. "In an industry that is seeking to redefine operating models, Quorum is focused on empowering oil and gas companies to solve problems and meet their long-term goals through digital transformation and the modern energy workplace."

"Quorum has made a remarkable transformation over the last couple of years. A transition from services-focused to a software dominant company – a shift many service providers are aiming for; creating non-linear growth and on-demand As-a-Service delivery. This is particularly relevant in the oil and gas industry, known for its cyclical nature," said Derek Erbé, Research VP, Supply Chain, Procurement and Energy at HFS Research. "What makes Quorum a Hot Vendor for HFS is its energy-industry focus and expertise, platform-based services that tackle tough industry problems, dedication to innovation, value propositions that fit different players in the North American energy landscape, and successful recent transformation."

According to HFS: "Quorum is a rather compelling case of a transformation that many service providers are trying to emulate. … Quorum provides a good story of non-linear growth, implementing a new business model."

The report concludes, "Quorum pivoted from being services dominant to being software dominant. It focuses on recurring, subscription-based revenue instead of consulting-based revenue. This is a pivot many services providers are looking to make in their quests for non-linear growth (i.e., revenue that is not related to FTEs), investing instead in platform plays. Quorum is not a startup by any measure, but its energy-industry focus, platform-based services that tackle tough industry problems, dedication to innovation, value propositions that fit different players in the North American energy landscape, and recent transformation make it a Hot Vendor for HFS."

The HFS Hot Vendor designation will remain in place through the end of Q2 2019 (a period of one year).

Download a free copy of "The HFS Hot Vendors Q2 2018" here.

About Quorum Software
Quorum offers an industry-leading portfolio of finance, operations and accounting software that empowers energy companies of all sizes to conquer their most complex business challenges. From the field to the back office, defying complexity is coded in our DNA and our software. This unmatched experience is why Quorum is the choice of eight of the largest public energy companies worldwide, 75 percent of LNG exporters throughout North America and 80 percent of all natural gas processed in the United States. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to empower innovation at the speed of thought. At Quorum, we're helping visionary leaders transform their business, and the energy industry, for a digital world. For more information, visit www.quorumsoftware.com.

About HFS Research
HFS' mission is to provide visionary insight into the major innovations impacting business operations: automation, artificial intelligence, blockchain, digital business models and smart analytics.

We focus on the future of operations across key industries. We influence the strategies of enterprise customers to develop operational backbones to stay competitive and partner with capable services providers, technology suppliers, and third-party advisors.

For media inquiries in the U.S., contact Edelman Houston at 713-377-6438, [email protected].

For media inquiries in Canada, contact Edelman Calgary at 403-471-1284, [email protected].

SOURCE Quorum