Adds leading chartering, vessel operations, and freight rate risk management solution to product portfolio; uniquely addresses complex shipping requirements of commodity traders, suppliers, producers, and marketers
Triple Point Technology®, the leading provider of multi-market commodity and enterprise risk management software solutions, announced today that it has acquired Softmar, the premier provider of software solutions for commercial chartering and vessel operations. With the acquisition, Triple Point broadens and deepens its solution suite to provide market-based, commodity supply chain management across sourcing, transportation, inventory, operations, and product marketing.
With roughly 90 percent of the world’s traded goods transported by sea, a critical component of successful supply chain management is the ability to manage vessel movements and operations, and freight rate volatility. The acquisition of Softmar singularly positions Triple Point to immediately and comprehensively optimize freight management in its core markets, including crude oil and petroleum products, chemicals, metals and mining, agriculture, and food and beverage.
“Supply chain management has historically been about transparency, automation, efficiency and cost reduction; all of which are necessary, but not sufficient to optimize profitability,” said Peter F. Armstrong, president and CEO of Triple Point Technology. “With the need to manage sharp commodity price volatility, supply chain solutions must be market-based and provide analysis and risk management tools to best determine when to source, how to move, whether to store, and when to hedge using financial derivatives. Through the acquisition of Softmar, Triple Point’s ability to provide market-based supply chain solutions, including freight rate risk management, is unmatched.”
Softmar develops and markets software solutions for ship owners, operators, and charterers to manage commercial chartering and vessel operations. The best-of-breed solutions manage all chartering, post-fixture activities, and financial aspects of commercial vessel operations. The company serves 60 blue-chip clients and over 2000 users throughout North America, South America, Asia, and Europe, including such notable organizations as ADM, ED & F Man, EDF Trading, Oldendorff Carriers, Alfred C. Toepfer International, Bunge, Essent Trading, Glencore, Vale S.A., Louis Dreyfus, BW Group, Eitzen Group, NYK Global Bulk, and North China Shipping. Softmar has headquarters in Switzerland and a development center in South Africa. The solution set covers the broad ranges of commercial activities for shipments of dry, tanker, gas, and chemical cargos.
The companies’ complementary customer bases, market focus, and product synergies create substantial opportunities for continued and accelerated growth in combined market share, revenue, and profit. The outstanding financial performance of Softmar — in terms of strong and consistent revenue growth, healthy profit margins, and a solid balance sheet — underscores the suitability and attractiveness of the transaction for both Triple Point’s and Softmar’s shareholders, employees, and customers.
All 45 Softmar employees from its Chartering and Vessel Operations business have joined Triple Point, and Softmar co-founder, Michael Lolk Larsen, has been named Triple Point’s Managing Director of Chartering and Vessel Operations. Mr. Larsen and other key Softmar executives will be instrumental in integrating the companies' product portfolios, driving product advancement, and accelerating customer adoption of the solution set. Softmar’s other co-founder, David Marais, will retain Softmar’s Ship Brokering business under a new and separate entity.
"Integrating with a larger, successful organization like Triple Point gives Softmar the immediate resources and reach to accomplish its goals of continued growth and support of existing and new clients,” said Mr. Larsen. “This is an exciting time in the commodity and freight markets, and becoming part of Triple Point is the perfect next step in Softmar’s maturation.”
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