Triple Point to Provide Trading Technology and Services to Mport Energy
TANGO XL licensed for energy trading and risk management; ASP implementation to reduce IT costs and time-to-deployment
WESTPORT, CT, USA, March 1, 2004 -- Triple Point Technology, Inc., the leading application service provider (ASP) to the global commodity trading markets, announced today that it was awarded a contract to deliver transaction processing and risk management technology and services to Mport Energy, a New York City based proprietary trader of energy commodities and related financial instruments. Under the agreement, Mport will use Triple Point's Tango XL oil trading platform to streamline trade processing and to measure and analyze portfolio market risk.
Triple Point will provide hosting and deployment services from its commodity trading ASP center (TP-ASP) in Irvine, California. TP-ASP is a state-of-the-art, secure, offsite data center offering high-speed, redundant Internet access. The ASP hosts specialized applications for trading commodities such as oil, gas, power, softs, and base metals; systems for managing the complexities of the deregulated electricity markets and the automated submission of supply and load schedules; and tools for managing global market, credit, and operational risks.
Triple Point clients choose to outsource support and system administration responsibilities to TP-ASP so they can focus on trading and marketing activities that directly affect business profitability. TP-ASP hosted solutions give trading companies the ability to fix IT infrastructure costs, align expenses with expected returns on investment, and benefit from cutting-edge technology without purchasing new servers, equipment, or security. "I'm very familiar with Triple Point's leading enterprise applications for oil, energy, and commodity trading," said Mark Vonderheide, principal at Mport Energy. "The Tango ASP solution gives Mport the best trading technology without the normal headaches of IT management and system implementation."
"Mport Energy joins a growing community of global traders that have opted to utilize Triple Point's sophisticated trading applications without the burdens associated with traditional deployments," added Peter F. Armstrong, president, Triple Point Technology, Inc. "The ASP route provides for very quick implementations - allowing supply, trading, and marketing organizations to gain the benefits of lower transaction costs, streamlined operations, and improved visibility sooner and more cost effectively."
About Tango XL
Tango XL is a transaction processing and risk management software solution for the energy and commodity markets. Capabilities include the processing of physical purchase and sale transactions; the processing of paper, derivative, and financial trades; the management and forecasting of inventory stocks; and sophisticated risk analysis and reporting tools.
Tango XL was specially designed to meet the needs of mid-sized organizations that actively trade crude oil, petroleum products, petrochemicals, and other commodities. These companies often require the complete range of functionality that a fully integrated trading system offers, but do not have a high transaction volume or require the scalability provided by Triple Point's larger enterprise solution, Tempest XL. Other companies that rely on Tango for the trading, procurement, marketing, and movement of energy products include Pilot Travel Centers, Sabic Europe, OMV Supply & Trading, and Shipley Energy.
About Triple Point Technology
Triple Point Technology, Inc. (www.tpt.com), a leading supplier of commodity transaction processing and risk management software solutions, has headquarters in Westport, Connecticut, USA and serves the global markets from its five development and support centers strategically located around the world. The company was founded in 1993 and has been recognized four times since then by Inc. magazine as one of the fastest growing companies in the United States.
Triple Point's flagship products, Tempest XL, Power XL, and Gas XL, provide producers, users, and traders of oil, electricity, and natural gas, respectively, the tools needed to streamline transaction processing, maximize efficiencies in the supply chain, and perform sophisticated risk analyses. The company's enterprise and tactical solutions are deployed at more than 60 multinational energy, power, commodity, and financial services firms including: Morgan Stanley, Occidental Petroleum, Cinergy, Amerada Hess, Petronas, and Petrobras.