TradeCapture, Inc. and FuelQuest, Inc. announced today, that the companies have entered into a strategic relationship to collaborate closely in support of the growing number of customers in the global energy marketplace to deliver a seamless solution to record taxes as transactions occur. The integration of TradeCapture's ICTS Symphony(tm) with FuelQuest's ZyTax Determination Engine serves commodity trading firms by eliminating the time and expense associated with manual computations, entries, and filings. The integrated solution also reduces inaccurate calculations, filing errors and their associated penalties, leveraging this new alliance, commodity traders can now improve their tax optimization and focus on strategic tax planning.
The strategic alliance involves promoting each other's products and services and developing new technologies, company representatives said. Both companies believe that the integration of their products will have a profound impact on their core markets and, as a result, have already begun implementations for several key clients in Europe and in North America. This new alliance establishes the framework for the two companies to extend their cooperative efforts in order to ensure continued close integration between respective future products aimed at the energy-trading marketplace.
"TradeCapture has been working informally with FuelQuest for several months to make sure that our products align perfectly to address the needs of our customers who trade physical oil as well as other commodities, and have to compute VAT, excise and other taxes and duties. I am delighted to say that this effort on behalf of both companies has already resulted in a number of joint program wins," said Trip Ray, Chief Operating Officer at TradeCapture. "We at TradeCapture are always trying to identify new partners with complementary products that share our vision of what is important. FuelQuest has a great product in ZyTax, they understand tax automation technology, and the importance of compliance with reporting to government authorities worldwide, and they share our commitment to take the best possible care of our customers. These rare qualities drew our companies together in the first place and I believe they will be the foundation of a mutually successful future under the new agreement," added Ray.
John Beaty, Vice President Global Tax Solutions at FuelQuest, said, "Both FuelQuest and TradeCapture are committed to ensuring that the ZyTax solution suite and ICTS Symphony are, and will continue to be, well integrated with continued focus on the needs of the commodities trading industry. This integration provides mutual customers with best-in-class capabilities that enable them to capture transactions and determine worldwide taxes in a single solution. By integrating our established systems and know-how in the global downstream energy and commodities industry, we provide trading companies richer and more useful solutions. This joint offering also gives us great freedom to differentiate ourselves in terms of presentation interface, features and services."
The announcement supports the strategic direction both companies are taking via streamlined product offerings, robust functionality, additional user-friendly features and dedication to providing world-class customer solutions and service.
TradeCapture, Inc. is a leading global provider of innovative energy trading and risk management software solutions designed to enable clients to streamline operations, reduce transaction costs, and manage their Futures, Exchange Traded Options, OTC Options, Swaps and Physicals in a single platform. TradeCapture's flagship product is the integrated commodity trading system, ICTS Symphony, for straight-through processing of commodities transactions. TradeCapture's TC Maestro product provides real-time P&L, real-time Risk Analytics and What-If Analysis. TradeCapture provides unmatched trading solutions to multinational clients such as Chevron, Koch Supply & Trading, UBS, Marathon Petroleum Company LLC, PetroChina, Eni, Enel, Mitsui and many others. TradeCapture has won numerous energy industry awards, including Energy Risk Magazine's Top Energy Risk Software package for commodities trading. TradeCapture is headquartered in Stamford, Connecticut, and has development and support centers strategically located around the world.