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Right on tracts

Oil and gas SaaS platform based in Houston expands to Dallas amid major growth

Houston-based Tracts, which makes it easier for mineral buyers and E&P companies to find leads in the industry, is geared for major growth. Courtesy of Tracts

A Houston company has flipped the script on lead generation for mineral buying in the oil and gas industry. Tracts.co has developed a way to get its clients in front of mineral sellers they otherwise wouldn't know to approach.

"Right now, mineral buyers have one major bottleneck — it's consistent across companies except those using Tracts — and it's lead generation," says Ashley Gilmore, CEO and co-founder of the company.

Traditionally, mineral buyers or E&P companies would have to go through public records to source leads. But Tracts' customers have access to the company's title management platform, which uses a patented computation engine and an interpretation library. The process reduces the cost and time spent generating leads, as well as the risk associated with mineral ownership and exploration and production companies and mineral buyers, Gilmore says.

The company has been around since 2014, and began hitting its stride last year after beta testing and working out the structure of the technology. Now, the more customers Tracts has, the more data the system has, which translates to a more valuable platform.

"For some of our clients, Tracts is now existential for their business," Gilmore says. "In other words, they wouldn't be able to operate on their current business model without Tracts."

It's not only customer growth the company has seen. Tracts launched a land solutions group called TLS — Tracts Land Solutions — in the beginning of the year. That group is growing by a dollar amount of 30 percent month over month since January. Tracts also opened a Dallas office, which focused on this land solutions team, to keep up with clients.

"There were two people in Dallas working from home in January," Gilmore says. "Last month, we moved into a 12-person office, and now we've already outgrown it."

Tracts has a 16-person office it'll be moving into, and Gilmore says he expects to double that in the next month or so. Tract's Houston headquarters is around 10 people, and the company has its development team in Seattle. The technology, Gilmore adds, is able to be used throughout the country since it's cloud based.

All this growth is translating into some interesting developments for Tracts, but Gilmore isn't ready yet to announce anything.

"I think our clients are going to be very happy within the next three to six months," Gilmore says.

Tracts allows its clients to skip a few steps in the mineral buying process. Courtesy of Tracts

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Building Houston

 
 

Contact-free market shopping has come to campus at UH. Photo courtesy of UH

A convenience store on campus at the University of Houston just got a little more, well, convenient — and a whole lot safer.

UH and its dining services partner, Chartwells Higher Education, have partnered with tech company Standard to upgrade the check-out process of convenience shopping. The technology is easy to install and can retrofit any convenience store to a contact-less process.

"Students' tastes change constantly, and we're well equipped to handle that. But their shopping preferences evolve too, and we want to continue providing new and unique shopping experiences that are unexpected on a college campus," says David Riddle, vice president of operations for Chartwells Higher Ed, and district manager for UH System Dining, in a press release. "This is the future of shopping, and with autonomous checkout through Standard, we've made it as easy, safe and convenient as possible for students to come in, get what they need, and go."

The store, called Market Next, is located at UH's Technology Bridge and opened earlier this month. Enabled by cameras and easy-to-use scanners, the store operates 24 hours a day and is also designed for quick service for students on the go. The fastest shopping trip recorded by Standard is 2.3 seconds.

"Market Next is the first retail store in the world to be retrofitted for a 100 percent cashierless, checkout-free experience," says Jordan Fisher, co-founder and CEO of Standard, in the release. "Our platform is the only system on the market proven to retrofit an entire retail experience. Innovative retailers like Chartwells use the AI-powered Standard platform to enable shoppers to grab any product they want and simply walk out, without waiting in line. We are excited to partner with Chartwells to deliver this groundbreaking technology to more locations around the country."

Chartwells is working with Standard to bring more of these stores across the country — as well as more itterations on the UH campus.

"Checkout-free technology is an innovation that will make our students' lives a little easier and a lot safer. This is the new standard for campus safety that is important to students today and for the foreseeable future," says Emily Messa, associate vice chancellor and associate vice president for administration at UH, in the release. "That's why we will plan to convert additional Market stores on campus to this technology in the coming year."

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