Triple Point Technology Acquires Investment Support Systems
Adds leading treasury management and regulatory compliance suite to
product portfolio
WESTPORT, Conn. (Business Wire EON/PRWEB ) June 6, 2008 --
Triple Point Technology®, the established
leader in cross-industry commodity and energy trading, risk management,
scheduling and logistics software solutions, announced today that it has
acquired Investment Support Systems Inc. (INSSINC), the leading treasury
management and regulatory compliance solution provider.
INSSINC develops and markets treasury and risk management software
solutions, including products to enable companies engaged in the
procurement, processing or marketing of commodities or energy products
to obtain and maintain beneficial commodity hedge accounting treatment,
perform derivative instrument fair value level assignments and maintain
regulatory compliance under Sarbanes-Oxley, FAS 133, IAS 39, SAS 133,
CICA 3865, AASB 139, IFRS 7 and FAS 157. The company, with headquarters
in Parsippany, New Jersey, just outside New York City, and a European
center of operations in Surrey, serves more than sixty customers
throughout North America and Europe, including notable energy and
commodity industry leaders such as PacificCorp, TransAlta, TransCanada,
SUEZ Energy, Southern Company, Ameren Energy, PPL Corporation
(Pennsylvania Power & Light), Scottish Power, J.M. Smucker and Campbell
Soup Company.
The acquisition of INSSINC gives Triple Point the ability to immediately
and comprehensively address the increasingly important corporate
governance and regulatory compliance requirements of organizations in
Triple Point’s core markets, including oil and
gas, metals and mining, agriculture, utilities and consumer packaged
goods. The companies’ complementary customer
bases, market focus and product synergies create substantial
opportunities for continued and accelerated growth in combined market
share, revenue and profit.
“Regulatory compliance and corporate
governance are top priorities for our customers, particularly at the
executive level,” said Peter F. Armstrong,
president and CEO of Triple Point Technology. “The
INSSINC acquisition is an important step in the realization of our
strategic vision to offer the most comprehensive –
in both breadth and depth – commodity trading
and risk management solutions to the markets we serve.”
All forty-five INSSINC employees have joined Triple Point, and INSSINC
founder and CEO, Elie Zabal, has been named Triple Point senior vice
president of Treasury Management and Regulatory Compliance Solutions.
Mr. Zabal and other key INSSINC executives will be instrumental in
integrating the companies’ product
portfolios, driving product advancement and accelerating customer
adoption of the solution set.
“This is exactly the right time in the life
cycle of INSSINC to become a part of Triple Point,”
said Mr. Zabal. “Integrating with a larger,
successful organization gives us the resources and reach to accomplish
our ultimate goals. This is an important time in the treasury management
and regulatory compliance market, and this joining-of-forces will cement
our leadership position.”
Oni Chukwu, Triple Point CFO, added, “The
similarity of INSSINC’s and Triple Point’s
outstanding financial performance – in terms
of strong and consistent revenue growth, healthy profit margins and
solid balance sheets – underscores the
suitability and attractiveness of this transaction for all concerned
stakeholders: our shareholders, our employees and our customers. Now
that the acquisition is complete, we turn our attention to the execution
of our combined plans for the continued creation of stakeholder value.”
About Triple Point Technology, Inc.
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 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 five
development and support centers located around the globe. More
information is available at www.tpt.com.
See the original story at: http://eon.businesswire.com/releases/triple/point/prweb1005464.htm
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