Allegro Reports 23 Percent Growth in 2014
Recent Acquisition, Customer Wins, Industry Awards Fuel Momentum
DALLAS, TX, January 30, 2015 – Allegro Development Corporation, a leading provider of commodity risk management software, announced today its fiscal results for 2014, reporting a 23 percent revenue and more than 30 percent EBITDA year-over-year increase compared to 2013.
The growth was fueled by the addition of 22 new logo accounts spanning global commodity markets, including major players transacting business in the commodities of power, gas, crude and natural gas liquids. Growth in maintenance, services and other categories contributed to the watershed year.
In July, Allegro’s mounting success caught the attention of Vector Capital, a leading global private equity firm specializing in transformational investments in established technology businesses, and Cerium Technology, an investment fund focused on energy, trading and technology. Vector and Cerium subsequently acquired the software company, recapitalizing Allegro with plans to expand its product offering and sales footprint in 2015. Jason Liu was named as Allegro’s interim CEO.
“Our goals for the coming year embrace a three-pronged approach to continuing the positive momentum that has been accelerating in recent years,” said Mr. Liu. “We will pursue existing markets with our core product, extend that product to accommodate adjacent markets and explore other merger and acquisition opportunities.” In addition to being named Energy Risk magazine’s “ETRM Software House of the Year” and one of CIO Review’s “Top 20 Most Promising Compliance Technology Solution Providers,” Allegro also bracketed its 2014 accomplishments with the following highlights and announcements:
- Successfully completed the latest update to its general release, enhancing its core product, improving overall quality, strengthening the software’s performance and continuing to innovate in the areas of business intelligence, user experience and scalability.
- Released the Alpha version of its Allegro Insight product, a business intelligence engine providing reports, analysis and decision-support through an intuitive, graphical, dashboard interface.
- On boarded 50 new employees to strengthen Allegro’s capabilities across the organization.
- Completed a ComTech Advisory customer survey, revealing that 100 percent of respondents claimed they would refer Allegro, and 87 percent claimed they received value from the Allegro system.
- Experienced significant revenue growth in core geographies last year, including:
- 16 percent growth in North America, underscored by the addition of a large fuel supplier that is a subsidiary of a convenience store giant located in the US.
- A record 43 percent overall growth in EMEA, including the company’s largest ever license account.
- 14 percent growth in APAC, fueled by a 140 percent increase in license revenues and successful “go-lives” for key customers in China and Australia.
- New flagship accounts in untapped territories, including Eastern Canada, South America and China.
- A record year in service revenue and utilization.
- Record attendance at its 2014 global Summit, and strong showings at each of its various user meetings and conferences held annually by region.
“We view 2015 as our Year of Transformation,” said Michael Hinton, Allegro’s Chief Customer Officer and Senior Vice President of Products and Solutions. “Building on the innovation Allegro demonstrated in 2014, and expanding on our reputation as a thought leader in the commodity risk management industry, we are poised for aggressive growth and development on all fronts.”
Allegro develops and markets integrated commodity management software providing position visibility, risk management, comprehensive controls and regulatory compliance. Allegro customers manage commodities from production to consumption, including oil and gas production, petroleum refining, agriculture and forestry, mining, chemicals, metals, food, transportation, commercial and utility sectors. Allegro software is tailored to the specific needs of each commodity, with a comprehensive set of features and functions to support profitable decisions. Allegro is headquartered in Dallas, with offices in Calgary, Dubai, Houston, Jakarta, London, Kuala Lumpur, Singapore, Sydney and Zurich.
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