FuelQuest Achieves Significant Business Milestones and Growth Targets
HOUSTON - FuelQuest,Inc., the leading on-demand software and services company for the global downstream energy industry, announced record-breaking growth across all the company's business units. Since January 2010, FuelQuest and Zytax, its wholly-owned subsidiary and leading supplier of indirect tax automation software, have achieved several major product milestones, expanded both facilities and teams, and broken the 17 billion gallon fuel mark representing annualized gallons managed within FuelQuest's fuel network.
"FuelQuest's sustained business performance is attributable to our focus on driving customer value through both innovation and the hard work of our employees," said Matt Tormollen, president and CEO of FuelQuest. "Given the current economic uncertainty and persistently high unemployment, we are proud to be simultaneously expanding our team, our facilities, and solution portfolio making investments that benefit our customers and the local communities surrounding our Houston, TX and Green Bay, WI offices."
Significant Business Growth Spurs Expansion
With recently implemented customers, FuelQuest has reached a significant industry milestone and is now managing 17 billion gallons of fuel annually within the FuelQuest Fuel Management System (FMS). FMS powers the largest fuel management network in North America and is the industry's most comprehensive, end-to-end fuel supply chain solution. Another area of growth, Fuel Center® , FuelQuest's outsourced fuel management service, has achieved more than 400% CAGR in active gallons under management over the past three years.
To support this growth, FuelQuest has increased its U.S. workforce by greater than 30% since the beginning of 2010. In addition to Philip Fraher, a Houston technology veteran who joined the executive team as chief financial officer, recent hires span key areas including research & development, operations, and services. FuelQuest has also actively recruited at both Texas A&M University and the University of Houston to add to its talent base.
The company has doubled its office space and leased 24,000 square feet in Greenway Plaza, one of Houston's premier business complexes. The new headquarters facility, when complete, will showcase Fuel Center's new state-of-the-art, 24/7/365 operations center. The Zytax headquarters in Green Bay, Wisconsin has also doubled its floor space to support the steady growth of its tax-related business.
Product Innovation Drives Customer Value
To meet the challenges of an increasingly complex and volatile energy tax environment, all Zytax solutions have been migrated to a common platform in the robust Microsoft .NET framework and are now available as SaaS (Software as a Service). The company transformed the product suite to meet the increased market demand for indirect tax automation solutions domestically and internationally.
Also, leveraging FuelQuest FMS as a web service platform, FuelQuest launched ForeSiteTM, a map-based fuel inventory monitoring solution that has been recently named a CSP® product of the year finalist for convenience retailing.
FuelQuest continues its commitment to develop best-in-class solutions that provide operational predictability, business compliance, and substantial cost savings for fuel retail, distribution, fleet, and transportation companies of all sizes. FuelQuest expects to expand further its market share within the global downstream energy market in 2011 by developing strategic partnerships and capitalizing on international opportunities.
FuelQuest provides on-demand fuel management, tax automation, and compliance solutions for suppliers, distributors, buyers, and traders of petroleum products and other energy commodities. FuelQuest's solutions deliver operational and financial value to over 750 customers. These customers include leading global oil companies, international retailers, shippers and government entities. FuelQuest's fuel management solutions help customers manage the complexity, regulation and market volatility for more than 17 billion gallons of gasoline and diesel fuel annually. Its Zytax solutions ensure compliance and accuracy for tens of billions of dollars of energy-related excise taxes per year. For more information, please visit us at www.fuelquest.com.