Trayport, a leading provider of energy trading solutions to traders, brokers and exchanges worldwide, announced today that it had acquired Contigo Ltd, a provider of energy trading risk management (ETRM) services. The transaction closed on 14 November, 2013.
Contigo is a provider of software systems designed to help energy traders, generators, brokers and utilities gain a competitive edge by using tools to better manage their risk and meet their regulatory compliance and reporting requirements.
The company, Contigo Limited is now a wholly-owned subsidiary of Trayport Limited and the ETRM business will be called Trayport Contigo. It will carry on as a business unit of Trayport managed by its current management team reporting into the Trayport Board.
Elliott Piggott, CEO at Trayport, said "Contigo became a certified software provider for Trayport in early 2013. More recently Contigo has provided expertise with Complete, our post trade product offering for European energy. We are impressed with the quality of their products and service and quickly realised that there was an exciting overlap between Trayport and Contigo across a range of areas.
He added, "By bringing together Trayport and Contigo under the same group, we identified we could offer a new type of fully integrated trading, compliance and risk management solution to the commodities markets in the future."
Commenting on the acquisition, Simon Piercy, Managing Director of Contigo said, "Trayport is a well-established and highly respected provider of products and services for the energy trading industry. We believe that combining Trayport's strength of a proven network of energy trading participants with our innovative and flexible suite of products will deliver significant benefits to both parties and to our clients." He added "Trayport Contigo will continue to focus on delivering easy to implement, easy to use and highly cost effective services designed to help our clients. We look forward to continuing to be a provider of choice for energy companies seeking expert knowledge and industry experience from their ETRM supplier."