SunGard Trading and Risk Systems has acquired Kiodex, a New York-based provider of Web-based commodities risk management and financial reporting systems. Financial terms of the transaction were not disclosed.
Kiodex's products - Risk WorkBench and Global Market Data - are delivered via an application service provider (ASP) framework.
The Kiodex Risk Workbench provides firms with the components required to hedge and trade commodities - deal capture, valuation models, risk reporting, and back-office functionality. The system also features integrated FAS 133 and IAS 39 modules. Kiodex Global Market Data offers over 125 forward curves in the crude, natural gas, refined products, power and metal markets, used by energy companies for compliance with Sarbanes-Oxley.
Following the acquisition, Kiodex will become an operating unit of SunGard Trading and Risk Systems, headed by Raj Mahajan as president. Tom Farley and Charles Reyl will assume executive positions in the new business unit as chief operating officer and vice president, financial engineering, respectively.
Jim Ashton, group chief executive of SunGard Trading and Risk Systems, says: "Our acquisition of Kiodex further strengthens our position in the ASP delivery space for risk management, an area that we currently serve with our Adaptiv solution for global credit risk management and Reech solutions for derivatives valuations and buy-side risk. Kiodex supplements this offering by addressing the need for commodities risk management across various sectors."