Digital Oilfield rebrands as DO2
I recently had lunch with Rod Munro, President and CEO of DO2. Rod is one of those 2nd and 3rd generation high-tech leaders who are helping drive the Calgary high-tech sector. He’s already taken two startups in Calgary to success – Munro Engineering and Argus Technologies, the latter being the Internet’s first web-enabled mapping software – and DO2 is his third. While their head office is in Calgary, they also have offices in Toronto, Houston and London, England.
As it was originally named, Digital Oilfield started in 2000 with a simple concept: approximately 64% of all invoicing for oil and gas companies was done on paper. This led to inefficient processing headaches and delays, which in turn led to high costs and late payment fees to suppliers. Seven years, 30,000 users and over 8,000 companies later, DO2 processes more than 6 million e-invoices and procurement documents through their systems, representing more than $20 billion dollars of annual spend by their oil and gas customers.
DO2’s success has them popping up on a number of technology lists, the most recent in Nov. 2007 with a #2 ranking in the 19th annual PROFIT 100 ranking based on their growth of almost 9,000% for the past five years.
Digital Oilfield has recently changed it’s name to DO2, representing an expansion of their customer strategy: in addition to their highly successful oil and gas vertical, they are moving horizontal to other large industries, such as banking and health care. According to Rod, the technology key to this strategy is their investment in a scalable Linux/Oracle platform; thousands of new users can be added just by dropping a new server into the farm.