W Energy Software Announces Minority Investment from M33 Growth

This article was originally posted on Wall Street Journal Pro on September 26, 2018, by Laura Cooper. Read here.

M33 Growth Makes Investment in W Energy Software

The investment is the latest in a series of oil-and-gas software deals so far this year

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M33 Growth has taken a minority stake in W Energy Software, a provider of accounting software for oil-and-gas upstream and midstream companies.

The investment is W Energy Software ‘sfirst round of outside capital, said Pete Waldroop, chief executive of the Tulsa, Okla., company.

W Energy Software has been entrepreneur-funded since it was established in 2009, said Mr. Waldroop, who previously helped found another oil-and-gas software provider, Quorum Business Solutions Inc.

Mike Anello, a managing director at M33, said the investment in W Energy Software is the firm’s largest since it launched its maiden $180 million fund last year. Mr. Anello said the firm so far has made four investments from the vehicle.

The capital is slated to jump-start the company’s sales and marketing efforts, said Mr. Waldroop. W Energy Software also will be considering acquisitions of companies that would provide expansion opportunities around the existing software platform and beyond as well as organically building out its presence in the upstream market.

W Energy Software ’s products include contract management, tax and regulatory, financial accounting, gas and crude-oil gathering, and purchase-order software.

The company has about 100 clients, ranging from large oil-and-gas business to small startups in the midstream and upstream areas, Mr. Waldroop said. He said W Energy Software ’s products are available in the cloud or on-premise.

The oil-and-gas software space has been on the rebound, spurring a number of deals so far this year. Most recently, Accel-KKR-backed Oildex was acquired by Drilling Info Holdings Inc., also known as DrillingInfo. DrillingInfo itself gained a new investor in Genstar Capital this year. Silver Lake closed a deal Monday to sell Quorum to Thoma Bravo.

M33 is a venture and growth-stage investment firm that invests solely in business-to-business software, specifically in the health-care and services sectors. The Boston firm generally invests in companies with more than $5 million in revenue, according to M33’s website.

Write to Laura Cooper at laura.cooper@wsj.com

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