Plethora of CTRM Deals Show CTRM Software Demand Remains Strong
Despite everything 2020 has thrown at us, we continue to see CTRM/CM vendor doing deals. Arriving back after a holiday, I found a couple of things in my email on this topic joining a number of announcements that have been made in the last few weeks – some extraordinarily significant.
One such email told me that “innogy had selected eOpt’s flagship productPriceHub, to support its core Energy Trading activities. Delivered on a SaaS model over our Azure cloud, PriceHub would be fully managed and supported by e·Opt. The contract was awarded after an extended period of assessment, during which innogy evaluated PriceHub against its stiff benchmarks. This expression of confidence in e·Opt and its products, by one of the largest energy companies in Europe, reinforces our belief in the direction we have chosen to take. This is another step towards the industry accepting delivery of business critical solutions as hosted services,” the email said.
Another held a press announcement from Brady with what looks like a hugely significant deal squarely in one of its sweet spots. BASF Catalysts, the world’s leading supplier of environmental and process catalysts, has selected Brady’s Trinity™ solution for metals financial trading and risk management. The solution will be deployed by BASF Catalysts in Japan, China, UK and North America, reads the announcement continuing with “As part of a key project to modernize its IT landscape, the company sought a single solution to manage the entire metal trading operations more efficiently, lower the cost of trade processing and achieve a holistic view of risk exposures. After a lengthy and rigorous selection process of prominent vendors in the market, the company chose Brady’s Trinity™ metals trading and risk management solution which supports a comprehensive range of contracts from forwards, futures, options, leases and averages to complex derivative instruments.”
Meanwhile, just before I left, Cubelogic made an announcement saying that in the first half of the year it had signed 8 new customers “including; two major international commodity trading firms, one of the largest Canadian energy companies, a major UK focused energy provider, a global trading firm, a leading Swiss energy producer, a US-based independent system operator responsible for managing the electricity grid across several large states and finally a Spanish multinational electricity utility.” The announcement even suggested that COVID-19 had been a factor in making some of those sales. “The impact of the COVID pandemic and ever greater regulatory scrutiny of abusive trading practices have driven these firms to procure the market leading credit risk management and transaction surveillance capabilities of the RiskCubed suite and CubeWatch monitoring tools.”
Other recent announcements saw Igloo go live at Conrad Energy Trading, Crown Commercial Services select Contigo in a hugely significant piece of business for them and Eka announce another go live on its Cloud Platform. That was just July to date! Commenting on Contigo’s win at CCS, CEO, Simon Wheeler, commented “This is an exciting multi-year contract with a prestigious Government customer, which shows the trust that the public sector has in our software as a service offering. We won this contract against substantial competition in a formal procurement process. Contigo is looking forward to a long and rewarding relationship servicing CCS’s energy trading and risk management needs.”
These announcements were all on the back of many others in the last few months and, as I have said before, we talk to all the vendors regularly and many others have done pieces of businesses that they cannot announce nor name including Gen10, Amphora, Agiboo, Fendahl and others. Rumors of the demise of CTRM software due to COVID-19 were very wrong it seems.
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