Westport, CT, July 08, 2008 --(PR.com
)-- Triple Point Technology®, the leading global supplier of energy and commodity risk management and transaction processing software solutions, announced today that it has acquired ROME Corporation, a leading provider of enterprise credit risk management solutions. The acquisition broadens and deepens Triple Point’s product portfolio, enabling it to uniquely offer enterprise risk management solutions covering the four key contributors of corporate financial exposure: market risk, governance and regulatory compliance risk, operational risk and counterparty credit risk.
“The recent volatility in the global credit markets – resulting in the need to place greater corporate oversight and emphasis on counterparty exposure management, liquidity obligations, margin cash management, regulatory compliance and risk analytics – highlights the criticality of implementing enterprise credit risk management best practices and solutions,” said Peter F. Armstrong, president and CEO, Triple Point Technology. “Our customers, and the energy/commodity markets at large, demand the capability of managing all aspects of corporate financial exposure from their transaction and risk management solution provider. This customer pull was a key driver in our pursuit of the ROME acquisition.”
ROME Corporation is Triple Point’s second major acquisition in recent weeks, quickly following the purchase of INSSINC, the leading provider of treasury management and regulatory compliance solutions to the energy and commodity markets. Armstrong added, “With our superior core trading and operational/market risk platform, Commodity XL, as a base and the INSSINC products extending coverage into regulatory compliance and now ROME’s capability covering the extremely critical counterparty risk management function, Triple Point is uniquely positioned to offer a full enterprise risk solution to the global commodity markets.”
Founded in 2003, ROME’s North American operations are based in Houston, Texas and its European business is centered in London. ROME has invested over twenty million dollars in its suite of credit risk solutions and its success is evident in market acceptance. ROME has achieved 90% year-over-year revenue growth since 2005 and its customers represent a diverse group of commodity and energy leaders operating across the globe, including such notable organizations as New York’s Independent System Operator (NYISO), Electric Reliability Council of Texas (ERCOT), ConocoPhillips, Tesoro, Southern California Edison, BG Group and FirstEnergy.
The acquisition of ROME Corporation will add 48 employees to the Triple Point roster, bringing the total headcount to almost 400 worldwide. ROME founder and chief marketing officer, Dan Reid, has been named VP, Credit Risk Solutions for Triple Point. Mr. Reid and the credit risk team will be instrumental in integrating the companies’ product portfolios, driving credit risk product advancement and accelerating customer adoption of the solution set.
“We have established ROME as the most comprehensive provider of counterparty credit risk solutions and I am extremely proud of the accomplishments our team has made,” said Mr. Reid. “This joining-of-forces with Triple Point provides the resources and global reach required to build on our legacy of innovation to continue to deliver the utmost business value to our customers.”
“It’s been an honor to manage ROME and help build it into a major global software company,” said David Achim, former president and CEO, ROME Corporation. “Triple Point is positioned perfectly to best serve our customers moving forward and offer employees additional opportunity in a larger organization.”
About ROME Corporation
ROME Corporation is a leading provider of enterprise credit risk management solutions to the energy and commodity markets. ROME’s suite of products includes ROME CreditRisk, ROME CreditAnalytics, ROME CreditScoring, ROME ContractManagement and ROME DealValuation Engine. These products work together to help automate and streamline the processes for managing contracts, collateral, counterparties, credit scoring and exposure. Additionally, ROME now offers ROME CreditRisk OnDemand, a web-enabled credit risk subscription service for small to medium-sized businesses that comes pre-configured with industry best practices. ROME solutions enable customers to minimize risk while achieving greater efficiencies, increased liquidity and improved transparency.
ROME Corporation, privately held with investments from Azure Capital Partners and Powershift Ventures L.P., operates from Houston, Texas and London, England.
About Triple Point Technology
Triple Point Technology is the established leader in cross-industry commodity and energy trading, risk management, scheduling and logistics software solutions. Triple Point Commodity XL™ profitably integrates physical and financial markets from the front-to-back office on a real-time, next-generation platform for all commodities including power, oil, gas, coal, base and precious metals, agricultural products, biofuels and freight. Triple Point's award-winning commodity and energy trading software solutions are used by more than 25 percent of both Global 500 commodity trading companies and Global 500 energy companies. Founded in 1993 and headquartered in Westport, Connecticut, USA, Triple Point serves clients from nine development and support centers located around the globe. More information is available at www.tpt.com.