HOUSTON — (PRWEB) — Tracts announced today that revenues have increased by 519% in the first nine months of 2019 compared to the same period in 2018. The growth is a result of the launch of the land services arm, Tracts Land Solutions (TLS).
Tracts’ Co-founder and CEO, Ashley Gilmore, is encouraged by the company’s continued progression in the mineral buyer market. “As the industry focuses more on the ownership of the underlying assets, funds are having to get more aggressive in their approach to generating landowner leads,” Gilmore said. “Our recent growth trajectory is a direct result of the hunger mineral funds have for a solution to identify mineral owners ahead of their competition.”
This year the Company has established significant sales traction in the mineral buyer market. Tracts is enabling clients (typically private equity-backed funds with a mandate to acquire mineral rights) to run blanket title on areas of interest (AOI) and outrun their competitors in the race to identify attractive mineral prospects. These mineral buyers are now closing deals in a few days, as opposed to 30-45-60 days under the legacy, pre-Tracts | 30-45-60 day PSA or LOI, method.
The Company recently opened a wholly-owned subsidiary in Fort Worth, Tracts Land Solutions (“TLS”), to run title for prospective and current Tracts clients. The services arm charges competitive land brokerage day rates while leveraging the power of Tracts software to provide mineral ownership answers faster than anyone else in the market. TLS is highly complementary to the core software business. The services business has grown 30% month over month this year.
“Managers are busy running their operations and have little time to dig in to the inefficiencies in the complex, convoluted title research process, which is why they historically throw a ton of capital at the process and accept objectively moderate results,” Gilmore continued. “TLS was born out of a need to show the value of the Tracts title management platform without changing or interrupting a company’s busy day-to-day operations. So far the response has shown us that a frictionless transition to cloud-based title analysis makes running their land projects through Tracts a no-brainer.
Tracts is an enterprise software focused on modernizing the way oil and gas land departments determine mineral ownership and manage the title of land assets.The company simplifies the highly complex, manual process of establishing legal ownership, which exploration and production companies require in order to acquire or lease land. Tracts leverages patent pending data visualization processes and a math engine to reduce legal preparation time by up to and exceeding 50%.