February 28, 2019
Accenture Forms Alliance with and Invests in P97 Networks Inc.
Accenture Ventures-led alliance builds on prior work helping oil and gas, automobile and retail fuels companies improve consumer experiences
HOUSTON; Feb. 28, 2019 – Accenture (NYSE: ACN) has invested in and formed an alliance with P97 Networks Inc. (P97), a leader in cloud-based mobile commerce, in-vehicle payments and digital marketing solutions for the convenience retail, fuel and vehicle-manufacturing industries.
The alliance makes Accenture a preferred implementation partner for connecting automobile manufacturers and merchants with P97’s PetroZone® platform, which enables digital payments and purchase offerings for fuels and other products from mobile devices or connected cars.
The equity investment by Accenture Ventures follows Accenture and P97’s work in developing digital solutions for major and independent oil and gas, automobile and fuels forecourt retail companies.
As part of the alliance agreement, Accenture plans to develop innovative solutions from P97 for clients.
“We are tremendously excited about advancing our relationship with P97,” said Andrew Smart, a senior managing director at Accenture who leads its energy industry group. “Working together, we will help our clients take advantage of more connected customer experiences.”
Founded in 2012, P97 is based in Houston. Its PetroZone solution, which uses Microsoft Azure Cloud Services and multi-factor authentication for enhanced security, is installed at more than 20,000 U.S. retail fuels locations.
“Accenture’s end-to-end digital services make the company an ideal partner for P97,” said Donald Frieden, founder and CEO of P97. “We have a long history of firsts in our markets and look forward to many more working with Accenture — including connected car services, voice-enabled payments, fuel retail innovations and blockchain technology — as we pursue our goal of serving more than half of the U.S. fuel market by 2020.”
P97 is the latest addition to the investment portfolio of Accenture Ventures, which focuses on teaming with and investing in companies that create or apply innovative enterprise technologies. Accenture Ventures develops extensive relationships with startups, entrepreneurs, investors, academics, venture capitalists and corporate R&D groups around the world.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions — underpinned by the world’s largest delivery network — Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 469,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com\http://www.accenture.com.
About P97 Networks
P97 Networks provides secure cloud-based mobile commerce and digital marketing solutions for the convenience retail and fuels marketing industries. P97’s commerce solutions enhance the ability of convenience store operators, marketers, and oil companies to attract and retain customers by creating unique connected consumer experiences.
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