Allegro Development Corp. has acquired JustCommodity, a Singapore-based agriculture commodities solution provider. No financial terms were disclosed. Allegro is a portfolio company of Vector Capital.
BARCELONA, Spain, June 17, 2015 – Allegro Development Corporation, a leading provider of commodity management software, today announced the acquisition of JustCommodity, a Singapore-based agriculture commodities solution provider.
JustCommodity provides specialized domain expertise in agriculture commodities with 80 employees in Asia and its CxC™ product for trading and risk management. CxC™ serves over 30 customers in Asia representing some of the world’s largest trading firms, including Forbes Global 2000 and Fortune 500 Companies.
“I’m thrilled to announce the acquisition of JustCommodity, it perfectly aligns to our growth strategy in Asia and our vision to move into adjacent markets beyond traditional energy commodities, said Frank Brienzi, Allegro, Chief Executive Officer. “JustCommodity has a proven track record of success in agriculture commodities, and a seasoned leadership team that understands the nuances of successfully navigating Asian markets. The combined offering creates the most robust commodity management solution available today with the widest global reach.”
The acquisition elevates Allegro as a global commodity management powerhouse, with its solidified market position in power, utilities and oil markets. Combined, the companies will create more innovative solutions through a collaborative go-to-market strategy and two development centers located in Dallas, Texas, and Jakarta, Indonesia. Customers will benefit from leveraging product synergies and additional resources allowing for world-class development, testing, QA and other agile processes.
“The entire management team at JustCommodity will continue to play a big role in Asia and is excited at the opportunity to serve its customers in an increased capacity.” said Joel Lou, CEO, JustCommodity. “By joining Allegro, JustCommodity has the ability to scale its global presence for the combined success of both organizations.”
“Allegro has increased momentum with the strategic hire of Frank Brienzi as our new leader and today’s announcement is an indicator that will continue,” said Allegro Board Member Andy Fishman, Managing Director, Vector Capital. “We see this acquisition as an opportunity to scale both organizations geographically and across commodities.”
Allegro is a leading provider of commodity management software for power and gas utilities, refiners, producers, traders and commodity consumers. With more than 30 years of industry expertise, Allegro’s software provides the global intelligence companies need to manage physical and financial positions, and to optimize their assets and portfolios using tools that quantify and mitigate risks. Headquartered in Dallas, Texas, Allegro has offices in Calgary, Dubai, Houston, London, Singapore, and Zurich, along with a global network of partners.
JustCommodity has established itself as the leading Commodity Trading and Risk Management software solutions provider for the soft commodity sector, servicing some of the largest trading firms worldwide, including Forbes Global 2000 and Fortune 500 companies.
Incorporated since 2002, JustCommodity has developed deep domain knowledge in the physical commodity markets, providing industry-focused solutions that meet the real-world business challenges of its clients. Embedding industry best practices for trading, logistics, and risk management into its product, ContraXcentral™; coupled with dynamic real-time reporting tools, has yielded one of the most powerful Commodity Trading & Risk Management solutions in the industry.
Leveraging on this unique expertise, JustCommodity has expanded its value proposition to the market by offering specialized consulting and advisory services, “Global Thought Leadership”, contract execution and risk management into a single enterprise wide solution suite.