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News
The Business Times US rival acquires software startup JustCommodity HOMEGROWN commodity management software startup JustCommodity on Wednesday announced that it has been acquired by Texas-based rival Allegro Development Corporation. The acquisition is for a sum of over US$20 million, BT has learnt. JustCommodity provides a commodity trading and risk management platform known as CxC to more than 30 clients in Asia - including Olam, Sime Darby and Genting Plantations - that primarily deal in agriculture commodities. Founded in 2002, the startup reportedly became active in the commodities space around 2008 and is said to be the only such player in Singapore. Allegro, on the other hand, has more than 30 years of industry experience and works with mainly power, gas and utility clients across the US and Europe. The acquisition brings together "complementary solutions", said JustCommodity in a statement, in that the latter has expertise in agriculture commodities while Allegro's strength is in energy commodities. Said JustCommodity co-founder and chief executive officer Joel Lou: "By joining Allegro, JustCommodity will have the opportunity to serve its customers in an increased capacity . . . and the ability to scale its global presence." Following the acquisition, Mr Lou will become managing director for Asia-Pacific at Allegro. All equity held by Mr Lou and his management team in JustCommodity will be rolled over to Allegro equity, BT understands. Said Allegro chief executive officer Frank Brienzi: "The acquisition of JustCommodity perfectly aligns to our growth strategy in Asia and our vision to move into adjacent markets beyond traditional energy commodities." It also elevates Allegro as a global commodity management powerhouse, solidifying its market position in power, utilities and oil, he added. "Combined, the companies will create more innovative solutions through a collaborative go-to-market strategy and two development centres located in Dallas, Texas and Jakarta, Indonesia," Mr Brienzi said.
In April
2011, JustCommodity raised S$5.6 million in a Series A round led by
Singapore's Extream Ventures, with participation from Infocomm Investments
and OWW Capital Partners. |
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