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 companyâs bottom line, immediately and over the long term. The companiesâ 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 Pointâs strategic plans going forward. The acquisition brings Triple Pointâs global workforce to 275 employees. Financial terms of the deal were not disclosed.
âAs part of Triple Pointâs aggressive growth strategy, we are constantly seeking opportunities to expand our business, through both organic growth and acquisitions,â stated Peter F. Armstrong, president and CEO of Triple Point Technology. âThe CoralGrid acquisition is consistent with our goals of expanding our geographic footprint, broadening our product capabilities and exploiting complementary market opportunities.â
âCoralGrid 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,â commented Krishnan Padmanabhan, co-founder, CoralGrid Software.
The combination of CoralGridâs strong presence in the financial institution market and Triple Pointâs 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.