 Q Advisors Represents Bolo Systems in its Acquisition by Wellpoint Systems
The Combined Entity Will Create an Expanded Product Suite for the Global Oil and Gas Industry
DENVER, CO, August 15, 2007 - Bolo Systems, the leading provider of integrated multi-tiered financial, land and production accounting solutions for the U.S. oil and gas industry, today announced it has been purchased by WellPoint Systems, Inc., a publicly traded Canadian company, Toronto Stock Exchange (TSX:WPS). WellPoint Systems is an emerging leader of software and related services for managing critical back office operations within the energy industry.
"Bolo Systems has an outstanding group of clients and we intend to continue to nurture the existing clients as well as add new clients. With the completion of this acquisition we have further strengthened our position as a truly global energy software company by improving our access to the sizeable U.S. market through the addition of expanded country specific strategies, products, expertise and infrastructure," said Frank Stanford, CEO of WellPoint Systems. "We are now well positioned to further penetrate the U.S. market by accessing cross-selling opportunities as we leverage our complementary operations, customer bases and service offerings."
Bolo Systems will operate as a premier product line under the WellPoint Systems’ brand and will offer customers its existing product line under a new name, "Bolo by WellPoint Systems."
"Bolo has enjoyed significant growth over the last few years and we are pleased to be able to build on that track record as part of the WellPoint family," said Richard Slack, President and CEO of Bolo Systems. "Bolo has a reputation for developing quality products and delivering high levels of customer satisfaction and we expect to make a significant contribution to WellPoint's back office product offering, while also being able to present new high-value solutions to our existing clients."
WellPoint Systems will continue to invest heavily in building a technology portfolio that provides customers critical functionality and simplification of complex financial business systems. Through its strategic relationship with Microsoft, over 15,000 channel partners are able to sell WellPoint Systems’ back office applications as part of a larger Microsoft Dynamics AX solution to oil and gas companies looking for a complete ERP offering.
About WellPoint Systems Inc.
WellPoint Systems provides premier software and related services for managing critical operations within the energy industry. Aligning tightly with Microsoft Corporation, WellPoint is the only Independent Software Vendor (ISV) and Microsoft Dynamics partner dedicated to the energy sector. It is breaking new ground with the creation of a more comprehensive, integrated energy software suite based on existing Microsoft ERP technology that utilizes state-of-the-art Dynamics AX® and .NET architectures. WellPoint became a Microsoft Gold Certified Partner in 2005. Founded in 1997, Calgary-based WellPoint Systems also has major operations in Houston, TX, Livingston, NJ, Tampa, FL, Tunis, Tunisia and Moscow, Russia. WellPoint is publicly traded on the TSX Venture Exchange under the symbol WPS.
Contact
Melody Callaway
PR 720.529.4850
melody@volumepr.com
About Bolo Systems
Bolo Systems helps oil and gas companies run their businesses better through the application of fit-for-purpose technology and superior services. More oil and gas companies choose Bolo over competing solutions because of its powerful processing engine, open platform design and robust reporting functionality. Designed and supported by industry experts, the company’s customer-centric software and services help oil and gas companies record the complex transactional information inherent in the industry and use that data to manage their business. Bolo is headquartered in Lakewood, Colorado, and operates a sales and support office in Houston, Texas. For more information, contact Bolo at (303) 987-2238 or visit our Web site at www.bolosystems.com.
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