SunGard Acquires Energy Softworx for Fuels Management
April 23, 2007 — Houston, TX
SunGard (www.sungard.com) today announced that it has acquired Energy Softworx, broadening its portfolio of energy trading and risk management (ETRM) solutions with the addition of fuels management, a key element of and input into the risk management process. The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGard’s financial results.
According to power market participants, fuels account for more than 50% of the operating costs of power generators today and exert increasing cost pressure on any company with high fuels usage. Growing demand for electricity globally and the cost volatility of fuels to generate it, challenge energy companies to better manage supply-related risks. Many energy companies still rely on home-grown, mainly spreadsheet-based systems for fuels management, which are stressed by the growing volume and complexity of the business as well as Sarbanes-Oxley and other reporting requirements.
The Softworx fuels management solutions complement SunGard’s ETRM solution suite, which helps energy companies to more efficiently and profitably trade and market energy, process transactions, manage risk, and optimize operational and financial decisions. As an integrated component of the SunGard solution suite, Softworx will help energy companies to automate and streamline fuels management for more efficient and effective risk management.
Energy Softworx will be part of the SunGard Energy Solutions business unit. Energy Softworx founder and president, Debbie Wohlers, will lead the SunGard Energy Softworx business reporting as chief operating officer to president Matt Mandalinci. Karen Dowd will be senior vice president for Softworx customer services, product management and product development.
Matt Mandalinci, president of SunGard’s Energy Solutions business unit, said, “Energy Softworx enjoys high customer satisfaction for the quality of its solutions as well as the attention of its customer support team. Its products are complementary to SunGard’s energy business, providing additional expertise and software that will help us to deliver more value to energy companies. By integrating fuels management and optimization with energy trading, risk management and operations processing, SunGard will help companies to address a core component of risk mitigation that will become increasingly critical as the demand for electricity continues to rise.”
With annual revenue exceeding $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world’s 50 largest financial services companies. Visit SunGard at www.sungard.com
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