FuelQuest Raises $10M for New Products, Growth
HOUSTON -- FuelQuest Inc. secured a $10-million round of funding from investors advised by Talis Capital Ltd. The on-demand software and services company for the global downstream energy industry will use the funds to push product development and tap new growth opportunities.
"FuelQuest is a market leader with solutions that solve critical downstream energy issues, and a company with a strong management team that has experience in international business," said Vasile Foca, director and co-founder of Talis Capital Limited. "FuelQuest has proven they can address challenges common to energy companies -- whether based in the U.S. or developing markets. We are excited to have raised the next round of funding that will help FuelQuest achieve continued success in these areas."
FuelQuest launched in 1999 and has reached record company growth each of the past four years. The supplier has seen strong demand for its recently released ForeSite and Zytax Compliance 5 products, as well as Fuel Center, its leading fuel management service.
The growth capital will enable additional development and deployment of solutions that address the challenges stemming from rising fuel price and tax volatility, the company said in a release.
"The Talis team provides FuelQuest not only growth capital, but knowledge of energy and emerging markets that will be a valuable resource as we expand our product capabilities and geographic reach," stated Matt Tormollen, president and CEO of FuelQuest Inc. "We are pleased with the strong synergy between Talis and our existing majority investor, Saracen Energy, as we team to drive real value for FuelQuest's customers."
JMP Securities LLC acted as the exclusive placement agent for the transaction.