Konica Minolta Business Solutions U.S.A., Inc. has announced the purchase of the Enterprise Content Management (ECM) business segment from ThoughtTrace, Inc., a Houston, Texas based software company using Artificial Intelligence (AI) and machine learning to streamline contract management for the Oil & Gas industry.
Prior to its corporate name change to ThoughtTrace, Inc. in August of 2018, the company operated as Agile Upstream Group, Inc. Konica Minolta will continue to provide the ECM and Land and Land Administration solutions formerly provided by Agile Upstream to Oil & Gas organizations.
“We have been working in the Oil & Gas industry for several years with our proprietary AI software platform, ALI. With the rapid market adoption and accelerated need for this contract management solution in the Oil & Gas industry, we realized that we needed to refine and concentrate our focus on the ALI side of our business,” said Nick Vandivere, CEO of ThoughtTrace, Inc. “Given the success of Konica Minolta’s ECM business we knew that our employees and customers of the ECM Business Segment would be in very capable hands.”
“It’s a proven land and land administration solution that will further benefit from the industry expertise the sales and technical consultants coming on-board will bring with them,” said Les Walker, president, BIS. “We recognize that the upstream segment is in need of an ECM solution for their division orders and leases, and the midstream and downstream segments need content management solutions to further streamline their manufacturing and distribution business processes. Agile’s customers will benefit from KMBS’ national resources and broader Solutions offering,” Walker added.
“The addition of the ECM business segment from ThoughtTrace brings new capabilities that complements our growth strategy,” noted Kevin Kern, senior vice president, Business Intelligence Services and Product Planning. “This acquisition brings both new talent and vertical expertise to our ECM practice.”
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