SAINT PAUL, Minn. -- Oil Price Information Service (OPIS) has acquired AXXIS Petroleum. Terms of the deal were not disclosed.
Based in Saint Paul, Minn., AXXIS provides software solutions for petroleum marketers looking to automate their price collection, data storage and repricing of dealer and commercial accounts. AXXIS is also a rack pricing information provider.
"The addition of AXXIS strengthens our rack price offering and allows us to serve our customers' needs of price aggregation, build-up and re-pricing through AXXIS' [image-nocss] market-leading software applications," said OPIS President Brian Crotty. AXXIS will remain a division of Rockville, Md.-based OPIS and will be run by AXXIS President Richard Lisauskas.
"OPIS' considerable experience in downstream oil markets will only enhance our ability to deliver quality software and support for our customers," Lisauskas said.
Recognizing that AXXIS rack prices are heavily benchmarked in many reseller and end-user agreements, OPIS will honor all agreements to provide existing AXXIS price feeds and formats to all AXXIS customers. "We will ensure our customers and purchasing agents have adequate time to change their contracts and systems before merging any data feeds," Crotty said.