ETRM Solutions Provider Receives Capital and New Board Members from North Bridge Growth Equity and Tudor Ventures
DALLAS, Texas, January 31st, 2008 – Allegro, a leading provider of energy trading and risk management (“ETRM”) software solutions (www.allegrodev.com) has announced the successful closing of its first institutional funding. The minority equity investment was made by North Bridge Growth Equity, a leading private equity firm which invests in technology and technology-enabled companies, and Tudor Ventures, the venture capital and private equity arm of Tudor Investment Corp., an internationally recognized, diversified investment management firm.
In conjunction with this financing, Mike Pehl, Managing General Partner at North Bridge Growth Equity, and Rick Ganong, a Partner at Tudor Venture Capital, will join Allegro’s Eldon Klaassen and Christopher Larsen on Allegro’s board of directors.
Mike Pehl has deep growth equity experience as both an investor and an operator. He has served on the boards of 14 private and public technology companies. Mr. Pehl gained broad operating experience as the former CEO of i-Cube, COO of Razorfish, the founder and CEO of ICS (an SAP implementation business), and as co-founder of SAP America. "In addition to a growing, high margin revenue stream, Allegro possesses many of the characteristics we look for in an investment opportunity, including a strong management team, a capital efficient business model, and a strong competitive position," commented Mike Pehl. "Allegro’s demonstrated ability to serve a very sophisticated market, to sustain growth over two decades, and to attract the best talent in the industry will continue to create significant value. It is our belief that these qualities will support Allegro’s ongoing growth trajectory. North Bridge looks forward to helping leverage Allegro’s strengths, while scaling it to be the dominant provider of ETRM software solutions to global markets.”
About Allegro Development
Allegro is a global leader in energy trading and risk management solutions for power and gas utilities, refiners, producers, traders and commodity consumers. With more than 29 years of deep industry expertise, Allegro’s enterprise platform drives profitability and efficiency across front, middle and back offices, while managing the complex supply chain associated with physical commodities. Allegro provides customers with agile solutions to manage risk across natural gas, power, coal, crude oil, petroleum products, emissions and other commodity markets, allowing decision makers to hedge and execute with confidence. Headquartered in Dallas, Texas, Allegro has offices in Calgary, Houston, London, Singapore, Sydney and Zurich, along with a global network of partners.
For further information please contact Samantha Johnston at JLIB_HTML_CLOAKING or +188.8.131.5249.