SOURCE: Triple Point

Triple Point

September 10, 2010 12:01 ET

Triple Point Licenses 26 Shipping Customers in First Half

Adds 13 New Customers and Expands License of 13 Current Customers

WESTPORT, CT--(Marketwire - September 10, 2010) -  Triple Point Technology®, the leading provider of multi-market commodity and enterprise risk management software solutions, announced today strong numbers in the first half from its Chartering and Vessel Operations division headquartered in Geneva, Switzerland.

Triple Point's freight management solution is based on mature, well-tested software obtained in its acquisition of Softmar. Softmar, now the chartering and vessel operations division of Triple Point, serves 70 blue-chip clients and over 2000 users throughout North America, South America, Asia, and Europe.

Triple Point is successfully claiming market share with both ship owners/operators and commodity companies with ocean transport desks and subsidiaries. Transactions among owners/operators include: Maestro Shipping, Prime East, Practica Shipping, United Arab Chemical Carriers (UACC), Atlas Shipping, Navios Maritime, U-Sea Bulk, Oldendorff, and Isiphia; while transactions completed with commodity companies include: Petredec Services, Gunvor International B.V., Louis Dreyfus, Bunge, Glencore, Transgrain (Nidera), and Olam International. 

"We're seeing a real push across key markets, including crude oil and petroleum products; chemicals; metals and mining; agriculture; and food and beverage to implement solutions that help drive costs from the supply chain, including freight operations," said Michael Schwartz, chief marketing officer, Triple Point. "Triple Point's immediate success and momentum in the shipping market is clear affirmation that Triple Point's ability to provide companies with an integrated platform to manage commercial vessel operations and freight risk management is unmatched."

Key statistics:

  • 26 license transactions, with 13 new customers and 13 existing customers licensing additional modules
  • Diverse customer mix: 15 transactions with ship owners/operators; 11 transactions with commodity companies
  • Entrance into Middle East market with new Dubai-based customer -- UACC
  • Two customers licensed integrated platform for commodity trading and commercial vessel operations -- Petredec Services and Gunvor International B.V.
  • Global penetration of market with 4 new customers in NA; 5 in EMEA; and 4 in APAC

"When Triple Point acquired Softmar, the intent was that integrating with a larger, successful organization like Triple Point would provide Softmar with the resources and reach to ensure continued growth and support of existing and new clients," said Michael Larsen, managing director, chartering and vessel operations, Triple Point. "We're off to a very good start."

About Triple Point Technology
Triple Point is the leading global provider of innovative software solutions to efficiently and profitably manage commodities and enterprise risk. Triple Point's growing, loyal customer base of over 260 companies represent all industries with exposure to energy and raw materials including oil and gas, coal, metals, agriculture, transportation, shipping, consumer products (CP), discrete manufacturers, and big box retailers. The company was named a 'Leader' in Gartner's ETRM Magic Quadrant for its completeness of vision and ability to execute. Triple Point offers the only real-time solution to manage market/price, counterparty credit, operational, and regulatory risk on a tightly integrated platform. Founded in 1993 and headquartered in Westport, CT, USA, Triple Point employs over 600 people in 11 offices and support centers around the globe.

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