WESTPORT, Conn. (PRWEB) June 6, 2008
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 http://www.tpt.com.