FORTIS STARTS US POWER TRADING WITH SAKONNET TECHNOLOGY'S XENON®
New York, January 5, 2006 - Sakonnet Technology, the leading provider of subscription-based energy trading and risk management software, announced today that Fortis Financial Services, based in New York, recently started trading in US East Coast power markets using functionality delivered in Release 4.2 of Sakonnet's Xenon® application.
The new release was developed in conjunction with Fortis, which has been using Xenon since August 2004 for trading in crude oil, refined products and natural gas. The enhancements enable Fortis to extend its market-making for US clients across the entire energy spectrum, including cross-market trades.
Developing the new functionality took less than four months, from initial meetings with Fortis in June 2005 to completion at the end of September. The tight time-frame can be attributed to excellent co-operation on new requirements, Xenon's flexible architecture and Sakonnet's unique upgrade capacity. Sakonnet business analysts rapidly assimilated requirements from talks with Fortis traders. Sakonnet developers modified pre-existing power trading functionality for Europe to US market specifics. Finally, Sakonnet could deliver via the Internet to Fortis server sets a fully-tested upgrade within weeks of development.
Eric Min, COO of Sakonnet, commented: "Key to our client service is responding quickly to their requirements. We became immersed in talks with Fortis traders and then focused on delivering their top priorities, rather than waiting to do everything in one go. Fortis can now execute a whole range of client OTC transactions while we continue to add instrument types."
Sakonnet, which has recently grown to more than 70 staff in London, New York and Rio de Janeiro, has more than five years' experience of providing an energy trading and risk management software service remotely. Sakonnet maintains a single source code base to maximize efficiency of new development work, upgrade testing and delivery to clients. Under this model, clients can receive up to 5 substantive upgrades per year.
About Sakonnet Technology
Sakonnet Technology is the market leader in Software as a Service (SaaS) for energy trading and risk management. Sakonnet's expert international teams provide an unrivalled level of hosting, support, upgrade and consulting services linked to its advanced Xenon® platform. These services along with Xenon's streamlined interfaces and workflow, transform the end-user experience, resulting in higher productivity, stronger risk control and a trading edge. Sakonnet addresses the needs of energy companies, banks and hedge funds trading in power, natural gas, crude oil and related markets and has offices in New York and London.
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