Quorum Software said it has achieved record-high adoption rates for its newly acquired well lifecycle reporting software, WellEz On Demand.
The cloud-based reporting solution experienced significant year-over-year growth. As part of Quorum Software, WellEz On Demand is expected to triple its new customers in 2018.
"We see two distinct cohorts among upstream operators. The first being established companies looking inwards and realizing they need to focus on execution and get out of the capital-intensive business of managing software. The second is PE-backed start-ups that have no appetite for a large IT installation but have the same usability requirements as established operators. Both groups have identified and adopted WellEz On Demand in record numbers," James Morley, director of Customer Success for Quorum, said in a statement.
"Quorum's investment in WellEz On Demand following the acquisition is allowing us to add substantial bandwidth to our product roadmap with multiple parallel development projects. We're very excited to start rolling these out to our customers in the near future," said Morley.
WellEz On Demand joins Quorum's cloud-based land, accounting and production management solutions to offer an integrated upstream suite that is proven, affordable and fast, the company said. Customers can implement a pre-packaged solution in weeks to reduce IT overhead and scale with their business needs quickly.
"The ability to access KPIs from any computer or device gives me all the data I need to run my crew right at my fingertips. WellEz On Demand is by far the best reporting software I have used in my career," Dan Graeve, senior completions engineer, Felix Energy, said in a user testimonial.
"For the upstream market, the addition of WellEz On Demand to the Quorum product suite represents a natural extension of our capabilities,” added Soroosh Seyhoon, vice-president at Quorum. “At Quorum, we started with a vision to offer an end-to-end platform, and it's incredibly satisfying to see that vision come to fruition with this evolutionary step unifying drilling operations with production and accounting.”