OpenLink and MCG Announce Joint Venture Partnership
4 March 2009
Open Link Financial, Inc. (“OpenLink”), a leading provider of cross-asset trading, risk management and related operational, portfolio management and optimization software to worldwide companies in the global energy, commodities and financial services markets, today announces that it has entered into a joint venture agreement with MCG Energy Solutions, LLC (“MCG”), a nationally recognized leader in the provision of power scheduling systems, meeting North American Electric Reliability Council (NERC) e-Tag, Open Access Same-Time Information System (OASIS), and ISO communications requirements for electricity markets.
OpenLink has long been a leader in enabling straight-through-processing providing integrated modules for trading, risk, logistics, and accounting. The partnership with OpenLink and MCG will continue this mission of allowing clients to streamline their electricity business processes in one system.
OpenLink’s Endur solution, in partnership with MCG, will provide traders and risk managers with up-to-the-minute market information about energy transactions, ISO deals, NERC e-Tags, and transmission reservations. The robust framework will help clients capture purchases and sales of electricity, fuel, and emissions credits, show risk across multiple scenarios that affect forecasting and profitability, reserve transmission, schedule and tag power, submit bids, track positions, perform settlement reconciliation, track costs, and post to sub-ledger accounts.
OpenLink and MCG will provide seamlessly integrated end-to-end solutions in trading, risk management, and logistics for managing the utility ISO/RTO life cycle by combining a comprehensive integrated risk accounting and compliance reporting solution with traditional solutions for managing physical trading and scheduling.
MCG’s President, Mike Prickett said, “This joint venture creates tremendous opportunity for us and our clients who will benefit from the combined intellectual capital, market intelligence and product capability of MCG and OpenLink. MCG and OpenLink are very similar in their focus on product development, customer satisfaction and retention as a means to foster incremental growth, and together we are confident that both companies will provide incremental value to our clients through this new joint venture.”
“OpenLink is excited about the synergistic dynamics that OpenLink and MCG will mutually provide. This joint venture agreement is a very important step in building our business and providing our energy client base with a complete integrated logistical solution for the future,” commented OpenLink’s CEO Kevin Hesselbirg. “We look forward to providing North American energy participants with new options in these difficult times to reduce costs while reducing operational risk and we are very pleased to be working with MCG who has impressed us with their loyal and satisfied customer base, product depth, and impressive growth.”