This year has brought a resurgence back to our industry after the pandemic and negative oil prices a little over a year ago brought a heightened level of uncertainty. With per barrel prices exceeding $70 and a significant reappearance of M&A activity throughout the first quarter and continuing in Q2, we’re settling back into what some would call normalcy for the energy industry. This level of movement within the industry has also created a massive amount of activity across our software suite for Upstream, Midstream, Utilities, and LNG providers. This is creating the requirement for new applications as these entities are spun up furthering the need for our partners to remain involved.
Since Quorum is bullish on the energy market, we’re positioning ourselves for future growth by making key and strategic acquisitions to round out our product portfolio. We started in February of this year with the merger of Aucerna, and their best-in-class planning, execution, and reserves software, and will be formalizing the acquisition of TietoEVRY’s oil & gas applications, Energy Components and DaWinci, over the coming months. These industry-leading products being added to Quorum’s existing footprint creates the single largest energy software company in the world! It’s an exciting time for our ecosystem of partners to collaborate with us around these tools and deliver the largest suite of industry-leading applications to our client base.
Specifically within the On Demand space, we have taken a holistic approach at strengthening each application both individually and as an integrated suite. Among the updates thus far in 2021, we have seen the release of BI On Demand for the various SaaS applications, AP workflow as part of OGsys, and we have shared master data integration across all of the On Demand products with even more features to come in the latter half of the year including single sign on, consistent UI, and more. In fact, Quorum currently has a team of over 100+ resources dedicated to the researching & developing the entirety of the On Demand suite. No other application on the market can process updates at that same rate and certainly not without additional expense for the customers and partners. Take a look at some key trends below for our On Demand suite of products highlighting the momentum we are starting to see in this space!
- 30+ new Production customers in 2020 with another 5 in Q1
- 7 new OGsys On Demand customers in Q1 with significant upside in 2021
- 6 new WellEz customers in Q1 and signs of life for active drilling throughout the rest of this year
- 7 new Landdox customers following the company acquisition in Q4 with another 5 in Q1
We want to thank you for your continued partnership and look forward to more collaboration throughout the year.