Financial Objects plc, a leading international supplier of advanced technology software solutions for banking, wealth management and energy, has reinforced its commitment to the energy industry with its focus on the growth of energycredit, the premier credit risk management solution. The strategy follows Financial Objects' acquisition of Raft International Ltd and the surge in demand from key energy players looking to deploy Financial Objects' proven credit risk solution. The third quarter of 2006 has seen the hiring of 12 industry specialists into the European and Americas teams together with a similar expansion in its Bangalore-based offshore development centre.
Since the acquisition of Raft International Ltd in March 2006, Financial Objects has invested heavily in the development of both the energycredit solution and the team which supports this award-winning offering to the energy sector. In the past six months, energycredit has been ranked the number one solution for credit risk in Energy Risk magazine's energy trading and risk management software survey, and has been deployed by several new leading players in the energy sector during 2006.
To step up to the requirements of the rapidly evolving energy industry, Financial Objects has doubled the size of its Energy Division:
Glenn Barnett joins Debbie Brackett (COO of the Americas operation) and her team as Vice President Sales & Marketing for the Americas. Barnett brings to Financial Objects more than 25 years energy automation sales experience in international enterprise trading and risk management.
Charlotte Wales has been appointed as Senior Sales Executive to head up the European sales operation. Wales has a successful track record within this sector having been one of the instigators of Raft's initial success in the energy risk sector in Europe.
Lee Campbell joins the Energy Division as Operations Director, moving from Barclays Capital and also ex-Raft International.
The division also boasts three new experienced business analysts including ex-Raft Fauwad Hurzuk; Sean Randell, Quantitative Analyst, who joins from Standard Bank; and five new technical consultants.
"The energy market is rapidly changing, brought on by the effects of deregulation, new corporate governance standards such as Sarbanes-Oxley, emphasis on cash flow management and increased rating agency scrutiny.
We see big opportunities for growth in this sector, and our expanded team is dedicated to assisting the energy sector drive forward towards more sophisticated and timely control of credit risk. We are focused on extending our reach globally, and building on the success energycredit has already achieved with major energy companies in North America and Europe," said Roland Jones, Managing Director of Financial Objects'
Energy Division.
"Improving the measurement and control of credit risk is a major focus which all of our energy clients have in common right now, and the Financial Objects group has a strong track record for addressing the specific requirements of each client we work with. We have had a huge response from a diverse range of clients with similar goals-they want to streamline the credit management operation to make efficiency savings, remain compliant and improve liquidity. We are confident that energycredit will continue to lead the way in terms of both technological innovation and the capability to deliver demonstrable business benefits quickly," added Jones.
energycredit has proven success in both the North American and European markets. Quick, successful implementations have been achieved, often within a few months, at customers including American Electric Power, Powerex, Constellation, TXU, Norsk Hydro, Nuon and RWE.