Online petroleum supply chain network TakGroup has been purchased by eNucleus, a software company serving the health care, education, insurance and financial services industries. In announcing the transaction June 2, the companies said TakGroup shareholders will receive 650,000 shares of eNucleus stock over a three-year period but did not otherwise disclose the price.
Formed in 1996, Houston-based TakGroup uses its Internet network to provide back office services such as procurement, transaction execution, data analysis and customer relations. The company reported net income of $400,000 in 2003 on sales revenue of $1.2 million.
Officials with Chicago-based eNucleus said they bought TakGroup in order to enter the oil products market. They added that networks such as TakGroups have gained greater relevance as prices for oil and oil products have risen.
The acquisition of TakGroup provides eNucleus with an entry into the petroleum products market in the U.S., Chairman and Chief Executive Officer John Paulsen said. As a result of recent increases in price and volatility in the petroleum marketplace, a flexible cost-effective trading environment is increasingly important to petroleum suppliers and distributors.
TakGroup’s supply chain technology can be applied at any level of the marketplace and increasingly their growing customer base includes large fleets and commercial gasoline and diesel users in addition to their traditional customers.”