Stavanger: Accenture is to acquire Hytracc Consulting, a specialist consulting company that designs and implements hydrocarbon production data management and accounting solutions for oil and gas companies. Terms of the transaction were not disclosed, and the acquisition is subject to regulatory review and the usual closing conditions.
Based in Stavanger with operations in six countries, Hytracc provides specialist consulting and software implementation and support services within the hydrocarbon supply chain. The software deployed by Hytracc enable oil and gas companies to track and record production volumes and revenues accurately from production to processing, transport, sales and revenue recognition. The company is a primary supplier of expertise and services for Energy Components (EC), a hydrocarbon accounting solution.
"Hytracc's specialist skills together with Accenture's deep technology and production management capabilities will offer a powerful combination to oil and gas companies seeking to increase rigor and accountability in hydrocarbon accounting solution deployment," said Andrew Smart, energy industry managing director for Accenture. "This transaction will further enhance our commitment to becoming the provider of choice for upstream production management services."
Henning Stokke, Founder and Director of Hytracc, added, "Accenture and Hytracc are joining forces to create scalable systems integration capabilities to better serve the hydrocarbon and revenue accounting needs of our oil and gas clients worldwide. Hytracc was founded with the aim of changing the way the upstream industry manages the hydrocarbon supply chain. This work will continue with even greater force as part of Accenture. Both companies have proven track records, industry depth and technology expertise, which also will make the combination a good fit. "
Hytracc will operate within Accenture's Resources operating group, complementing Accenture's upstream production management solutions, including hydrocarbon and revenue accounting outsourcing services. It brings around 100 professional staff to Accenture.