Mitchel Field, NY, January 5, 2004. OpenLink, a leading provider of energy and financial trading, risk management, and operations software solutions, today announced that it has completed a buyback of Coral Energy's minority company ownership. Coral, a licensee of the company's Endur software since 1996, made the investment in 1998 to assist in OpenLink's continued financial stability and success as it embarked on a five-year expansion plan.
Since receiving the funding, OpenLink has established and expanded sales and support offices in North America, Europe, and Asia-Pacific, and has grown its staff by over 270%. During this same time frame, annual revenue has increased by more than 390%, and the global acceptance of the company's energy and financial software--Endur and Findur, respectively--has surpassed projections. Totaling 3500-plus licensed users, OpenLink's clients range from global financial institutions, central banks, and regional banks to multi-national energy marketers, major oil producers, and asset-oriented power and natural gas companies. This diverse user base--achieved through the delivery of leading-edge, value-added technology and comprehensive support--has allowed OpenLink to thrive despite the market challenges experienced in recent years.
"We have valued our relationship with OpenLink and are pleased the company has prospered during our time as an equity holder," said Mark Hanafin, Coral CEO. "OpenLink's ability to complete this buyback is a positive step in their ongoing development and growth."
Coral, a Shell affiliate, will remain a client of OpenLink. The Endur software also will continue to be used by Shell Trading US Company, Shell International Trading & Shipping Company, and Shell Chemical LP.
"At the time of Coral's investment, we were at a critical transition and needed their financial backing to help execute our business plan," said Coleman Fung, OpenLink's CEO. "Our well-managed, organic growth over the last five years--during a period of demanding and fast-changing business horizons--clearly sets us apart from the competition. And now, the ability to complete this stock repurchase highlights our organization's solid foundation. This base, made up of rigorous business operations that are supported by disciplined fiscal management, was built with invaluable input from Coral," adds Fung. "We were truly fortunate to have Coral as an investor and look forward to a continued relationship with them."