Allegro Reports Continued Rapid Growth for 1H 2014
Momentum Continues at Allegro with Expansion in All Regions
DALLAS--(BUSINESS WIRE)--Allegro Development Corporation, a leading provider of commodity value chain risk management (CVCRM) software, announced today its fiscal results for 1H 2014, reporting its best first half ever, with a 35 percent year-over-year revenue increase from 2013.
“Our first half is a testament to our recently instated ‘no failed implementations’ policy”
The momentum at Allegro is credited to the addition of 12 new logo accounts spanning global commodity markets including major players transacting in power, gas, crude and natural gas liquids. In addition to these new accounts, Allegro also experienced revenue increases through sales within its existing customer base, of which 17 key accounts expanded their use of Allegro 8 for a more comprehensive commodity trading and risk management system.
“Our first half is a testament to our recently instated ‘no failed implementations’ policy,” said David Perotti, Senior Vice President of Global Services, Allegro. “We are providing more value to our customers who trust that we will deliver our systems on time and on budget. We’ve experienced major strides by approaching the market as a customer-focused services organization, and will continue to improve our delivery model. We are offering customers more flexibility through managed services and recently added a fully staffed technical desk for leveraged and experienced development designed to alleviate the pains of manipulating complex systems.”
This success follows a record breaking 2013, in which the company reported 33 percent revenue growth. The industry has taken notice of Allegro’s market leadership and recognized the company for its success. Allegro was recently named Energy Risk Magazine’s Software House of the Year and one of CIO Review’s 20 Most Promising Risk Management Solution Providers for Capital Markets.
Key highlights included:
- Significant gains in the retail power market through a strategic partnership with Adapt2 and cutting-edge ISO connectivity solutions
- Further gains in market share in the European gas and power markets with five new customers in Austria, Germany, the United Kingdom and Denmark
- Geographic expansion into South America with the addition of a major crude exporter who will be leveraging Allegro to manage logistics and risk analysis
- Successful re-entry into Canada with two new customers headquartered in Calgary and Nova Scotia, operating in the utilities and oil and gas sector
- Successful deployment at Allegro’s flagship account in China, one of the country’s largest producers of offshore crude oil and natural gas and one of the largest independent energy companies in the world
“The industry is experiencing a revolution that was brought forth by remarkable increases in shale production, unwavering geopolitical turbulence, and a changing logistical infrastructure,” according to Jill Feblowitz, Vice President, IDC Energy Insights. "Allegro has been savvy enough to move with the market and I think we’ll continue to see advances in product innovation from the company.”
About Allegro Development
Allegro is a leading provider of commodity value chain and risk management (CVCRM) software for power and gas utilities, refiners, producers, traders and commodity consumers. With more than 30 years of deep industry expertise, Allegro provides real-time intelligence and decision-making capabilities, from the source of the commodity (ground), through transportation, to the commodity consumer. 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, Houston, London, Singapore, Sydney and Zurich, along with a global network of partners.