Wellpoint Systems launches breakthrough accounting/erp system for the oil & gas industry

CALGARY – WellPoint Systems Inc. ("WellPoint") (TSX-V:WPS) today announced the general availability of the WellPoint Integrated Financial System (IFS), an integrated joint venture accounting (JVA) and enterprise resource planning (ERP) system targeting the specific needs of the Oil & Gas industry. The product itself was launched to a group of select financial executives at the Calgary Petroleum Club on Thursday, January 27th.

“Within twenty-four hours of the product launch, we received half a dozen calls from companies requesting customized demonstrations of how WellPoint IFS can improve their current financial operation”, says Tom Mawhinney, Vice President of Sales & Marketing for WellPoint Systems. Adds Mawhinney, “This is a complete validation of our assumption that the marketplace has been anxiously waiting for a financial management solution that better aligns with the needs of today’s
Oil & Gas company.”

Built upon the foundation of Microsoft’s Axapta technology, WellPoint IFS is both a world-class accounting system and an ERP framework. Unlike today’s Oil & Gas accounting applications that were designed as standalone systems, WellPoint IFS was architected to provide Oil & Gas customers with industry-specific features (i.e. Division of Interest, Joint Venture Billing, etc.) as well as the option to add integrated functionality (i.e. Human Resource Management, Supply Chain Management, etc.) when and if it is required.

In addition to the integrative capabilities of WellPoint IFS, the application’s configurability and scalability are unparalleled in the marketplace. Historically, users of existing Oil & Gas accounting systems have been faced with limited flexibility when it comes to fitting those applications to their unique business processes. WellPoint IFS incorporates these adjustments with ease, allowing the users to maximize their productivity and executives to make improved decisions based on timely and more accurate information. Additionally, the architecture of WellPoint IFS allows the system to scale in an exponential fashion, supporting the strategy for growth established by most companies within an industry that is based on acquisitions and consolidations. All of these improvements are made possible by the underlying Axapta platform that Microsoft has invested hundreds of millions of dollars in over the past few years.

“We are at the forefront of Microsoft’s strategy to have partners extend their world-class technology platforms into industries that require in-depth operational expertise, and Oil & Gas is certainly one of those industries”, says Frank Stanford, CEO of WellPoint. “WellPoint IFS represents just the beginning of a very significant partnership between WellPoint and Microsoft that is certain to make a huge impact on the Oil & Gas industry over the coming months.”

For more information, visit WellPoint Systems Inc.