Triple Point Technology buys Rome Corporation

Source: Triple Point Technology

Triple Point Technology, a global supplier of energy and commodity risk management and transaction processing software, has announced it has acquired Rome Corporation, a provider of enterprise credit risk management software.

The acquisition broadens and deepens Triple Point’s product portfolio, enabling it to offer enterprise risk management solutions covering the four key contributors of corporate financial exposure: market risk, governance and regulatory compliance risk, operational risk and counterparty credit risk.

"The recent volatility in the global credit markets – resulting in the need to place greater corporate oversight and emphasis on counterparty exposure management, liquidity obligations, margin cash management, regulatory compliance and risk analytics – highlights the criticality of implementing enterprise credit risk management best practices and solutions," said Peter F. Armstrong, president and CEO, Triple Point Technology. "Our customers, and the energy/commodity markets at large, demand the capability of managing all aspects of corporate financial exposure from their transaction and risk management solution provider. This customer pull was a key driver in our pursuit of the Rome acquisition."

Rome Corporation is Triple Point’s second major acquisition in recent weeks, quickly following the purchase of INSSINC, the leading provider of treasury management and regulatory compliance solutions to the energy and commodity markets. Armstrong added, "With our superior core trading and operational/market risk platform, Commodity XL, as a base and the INSSINC products extending coverage into regulatory compliance and now Rome’s capability covering the extremely critical counterparty risk management function, Triple Point is uniquely positioned to offer a full enterprise risk solution to the global commodity markets."

Founded in 2003, Rome’s North American operations are based in Houston, Texas and its European business is centered in London. Rome has invested over twenty million dollars in its suite of credit risk solutions and its success is evident in market acceptance. Rome has achieved 90% year-over-year revenue growth since 2005 and its customers represent a diverse group of commodity and energy leaders operating across the globe, including such notable organizations as New York’s Independent System Operator (Nyiso), Electric Reliability Council of Texas (Ercot), ConocoPhillips, Tesoro, Southern California Edison, BG Group and FirstEnergy.

The acquisition of Rome Corporation will add 48 employees to the Triple Point roster, bringing the total headcount to almost 400 worldwide. Rome founder and chief marketing officer, Dan Reid, has been named VP, Credit Risk Solutions for Triple Point. Mr. Reid and the credit risk team will be instrumental in integrating the companies’ product portfolios, driving credit risk product advancement and accelerating customer adoption of the solution set.

"We have established Rome as the most comprehensive provider of counterparty credit risk solutions and I am extremely proud of the accomplishments our team has made," said Mr. Reid. "This joining-of-forces with Triple Point provides the resources and global reach required to build on our legacy of innovation to continue to deliver the utmost business value to our customers."

"It’s been an honor to manage Rome and help build it into a major global software company," said David Achim, former president and CEO, Rome Corporation. "Triple Point is positioned perfectly to best serve our customers moving forward and offer employees additional opportunity in a larger organization."

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