W Energy Software, the new leader in upstream and midstream oil & gas ERP solutions, announces that it has achieved a 40% market share for natural gas processing and has experienced accelerated growth across midstream and upstream in the last year. With the velocity of growth accelerating, the company is on track to double client bookings for a second consecutive year as energy companies break with the status quo legacy software providers and rush to its cloud-based ERP platform that offers a true SaaS experience, all-inclusive upgrades, reduced G&A, and business process optimization that sets companies up for growth. In the last year, W Energy Software’s midstream client base grew by more than 30% – bolstered by the replacement of 21 legacy plant accounting solutions and increasing demand for its liquids transportation software – while it’s recently launched upstream ERP solution gained significant traction, clearly establishing it as the category-leading solution provider in multiple markets.
“We set out to redefine energy software just ten years ago with W Energy Software’s first solution for the complexities of natural gas plant accounting and within a few years we’ve rocked the incumbent legacy solution provider back on its heels by taking 40% of the market…what we’ve continuously heard from the market is that there truly is no other modern, cloud-based oil & gas ERP solution to take business performance to the next level like W Energy Software and that our capabilities align with the vision of many energy companies who aspire to become best-in-class,”
-Pete Waldroop, CEO of W Energy Software
“We are doubling down on the high level of innovation and client service that sets W Energy Software apart from the legacy solution providers and continuing to build out our roadmap for the upstream market where we have seen accelerated growth in the last year. I am so thankful for the tremendous industry response we’ve had and valued clients who helped us get here. We are on pace to double bookings for the second consecutive year with the velocity continuing to increase,” Waldroop added.
Founded in 2009, W Energy Software set out to solve the accounting complexities of midstream energy companies with solutions for plant accounting, gathering, liquids transportation, and terminal management. The company experienced rapid customer growth from its inception and reports that its midstream business grew by more than 30% from 2018 to 2019. W Energy Software leveraged its midstream momentum to enter the upstream market in 2016 where it partnered with clients like WPX Energy to create next-generation, best-in-class upstream SaaS solutions for financial accounting, land, division order, revenue disbursement, and production operations.
Key markets where W Energy Software is gaining rapid market share include:
- Natural gas plant accounting: 40% of US gas processing plants are now settled with W Energy Software with 21 new clients who recently moved off of the legacy provider. Recent client wins and product deployments include Roaring Fork Midstream, Colt Midstream, and Sterling Energy.
- Liquids transportation: 125 facilities settled, and 1 billion barrels of oil tracked every month with W Energy Software. Recent client wins and product deployments include Phillips 66, one of the largest crude oil and NGL transportation systems in Canada, and a leading Permian Basin water pipeline operator.
- Upstream accounting: accelerated adoption of W Energy Software’s upstream ERP solutions from 2018 to 2019 with more than 30,000 wells tracked. Some recent client wins and product deployments include HKN Energy, Vernon E. Faulconer, and Rosewood Resources.
Supporting its rapid upstream and midstream market expansion is WE Partner, W Energy Software’s recently announced partner ecosystem consisting of implementation specialists, business process outsourcing firms, and technology providers, including AWS, the industry-leading cloud services provider. WE Partner has rapidly attracted like-minded partners who recognize the benefits of a unified oil & gas SaaS platform and the commitment to customer success.
“What defines W Energy Software is our total commitment to client success and relentless innovation, which is why we continuously expand our product lines and partner with clients to ensure we are providing measurable value to their bottom line,” Waldroop commented. “I’m excited about the future of W Energy Software and we will be announcing soon just how our oil & gas ERP platform is poised to grow with a new product line and industry initiative for building the next generation of energy software, together,” he said.