Accenture buys oil & gas specialist Hytracc Consulting

Accenture has acquired Hytracc Consulting, an IT services company that provides IT consulting services to firms in the oil & gas sector. Roughly 80 employees of Hytracc Consulting across offices in six countries will be integrated into Accenture's Resources operating group. Financial details of the transaction have not been disclosed.

Hytracc Consulting was founded in 2010 and has since grown spectacularly. In 2011 the Norwegian firm reached the 50 staff milestone, currently it has seven offices in six counties: Stavanger (headquarters), Trondheim, Aberdeen, Calgary, Groningen, Houston, and Kuala Lumpur. Hytracc Consulting provides consulting, software implementation and support services to oil & gas companies, helping them manage their hydrocarbon value chain, from the wellhead to the sales meter. One of its differentiators in the market is a software package that enables clients to track and record production volumes and revenues accurately from production to processing, transport, sales and revenue recognition.

For Accenture, the acquisition boosts its Resources operating group, one of its larger industry groups in Europe. “Hytracc's specialist expertise together with Accenture's deep technology and production management capabilities will offer a powerful combination to oil and gas companies seeking to increase rigor and accountability in hydrocarbon accounting solution deployment,” says Andrew Smart, energy industry Managing Director for Accenture. “This transaction will further enhance our commitment to becoming the provider of choice for upstream production management services.”

According to Henning Stokke, founder and director of Hytracc, the joining of forces will benefit both companies and their clients. “Both Accenture and Hytracc have proven track records, industry depth and technology expertise, which also will make the combination a good fit.”