SOURCE: Triple Point Technology

Triple Point Technology

March 25, 2011 09:00 ET

Hindustan Petroleum and Mittal Group JV Select Triple Point for Commodity Management

Triple Point Continues Rapid Growth Across Asia With 400% Customer Growth Year-Over-Year

SINGAPORE and PUNE, INDIA--(Marketwire - March 25, 2011) - Triple Point Technology, the global leader in commodity and enterprise risk management software, announced today that HPCL-Mittal Energy (HMEL) has licensed Triple Point's Commodity Management Solution to manage crude supply and product marketing, logistics, and regulatory risk including compliance with IAS 39 disclosure and reporting. Triple Point continues its rapid expansion across the Asia-Pacific region (APAC) with new customers in energy, manufacturing, precious metals, transportation, and food and beverage. 

HMEL is a joint venture between Hindustan Petroleum Corporation Limited and Mittal Energy Investment Pte Ltd -- a Mittal Group company and owner of the world's largest steel company. HMEL was established to operate a major oil refinery in India, producing high value petroleum products.

HMEL selected Commodity XL™ to provide real-time visibility into market position and exposure and to support supply chain logistics and inventory management.

In addition to HMEL, notable Triple Point customers in Asia Pacific include: DCP Trading Shanghai (base metals, Hong Kong), IFFCO (agriculture, Malaysia), Petredec (LPG trading, Singapore), Prime East (commodity logistics, Hong Kong), New Zealand Mint (precious metals, New Zealand), Incitec Pivot (chemicals, Australia), BPCL (Oil, Mumbai), Reliance Industries (Oil with users in Mumbai, Singapore, London, and Houston), and State Bank of India, HDFC Bank, and ICICI Bank (precious metals, India).

"Asia Pacific is a strategic market for Triple Point, and with offices in Singapore, Pune, Sydney, and Chennai, and over 200 staff in the region, we have the infrastructure in place to provide our current and future customers with competitive advantage," said Michael Schwartz, chief marketing officer, Triple Point. "We welcome HMEL to our Asia-Pacific family and look forward to working with them for years to come."

About Triple Point Technology
Triple Point is the leading provider of software for end-to-end Commodity Management. The global company provides innovative solutions to competitively address the complex commodities value chain: buying, selling, trading, and procurement; enterprise risk management; scheduling and logistics; storage; processing; and settlement and accounting. Triple Point's Commodity Management platform enables over 260 customers in 35+ countries to profitably manage exposure to energy and raw materials across industries including energy; metals; agriculture; transportation; shipping; consumer products (CP); discrete manufacturers; and big box retailers. Triple Point was named a 'Leader' in Gartner's ETRM Magic Quadrant for its completeness of vision and ability to execute in 2009 and 2010. Founded in 1993, the company employs over 600 staff in 12 offices and support centers around the globe. www.tpt.com.

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