Triple Point Technology, the leading global supplier of cross-industry software platforms for the supply, trading, marketing and movement of commodities, today announced that it has acquired CoralGrid Software (P) Ltd., a Chennai, India-based precious metals software provider.
CoralGrid provides software and services primarily to financial institutions in Asia. CoralGrid has been profitable and shown consistent growth over the years. Triple Point anticipates the acquisition will make a strong relative contribution to the company’s bottom line, immediately and over the long term. The companies’ complementary client bases and product synergies create substantial cross-selling opportunities. All CoralGrid employees will join Triple Point and CoralGrid management will become instrumental in executing Triple Point’s strategic plans going forward. The acquisition brings Triple Point’s global workforce to 275 employees. Financial terms of the deal were not disclosed.
“As part of Triple Point’s aggressive growth strategy, we are constantly seeking opportunities to expand our business, through both organic growth and acquisitions,” stated Peter F. Armstrong, president and CEO of Triple Point Technology. “The CoralGrid acquisition is consistent with our goals of expanding our geographic footprint, broadening our product capabilities and exploiting complementary market opportunities.”
“CoralGrid is thrilled to become part of Triple Point. Integrating with a larger, successful company with a global market presence will enable CoralGrid to better serve current and potential clients and achieve the next phase of growth,” commented Krishnan Padmanabhan, co-founder, CoralGrid Software.
The combination of CoralGrid’s strong presence in the financial institution market and Triple Point’s existing leadership position, firmly establishes Triple Point as the solution provider of choice for financial institutions worldwide. Triple Point serves UBS, Lehman Brothers, Morgan Stanley, Macquarie Bank Limited, Fortis Energy Marketing & Trading, ARCIM Advisors and Old Lane. With the addition of CoralGrid customers ABN Amro Bank, Bank of Nova Scotia, HDFC Bank, ICICI Bank, Standard Chartered Bank, Kotak Mahindra Bank, Scotia Mocatta, UTI Bank Limited and State Bank of India, the Company solidifies its dominance as the premier provider of multi-commodity solutions for financial institutions.
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