The wins keep coming for global multi-commodity trade and risk management solutions vendor Aspect Enterprise Solutions, recording its strongest quarter ever with 7 new deals located in every corner of the world, from start-up trading houses to established brands. It may go down as one of the strongest quarters ever for any trade and risk solutions provider in the E/CTRM industry.
While other software companies continue to struggle with new business, Aspect continues to sign up new customers. Since 2009, Aspect has grown steadily due to its swift deployment and affordable approach to delivering its Cloud E/CTRM solution to the mid-market. That's not to say Aspect doesn't have some of the largest players in the world as clients, because it does, including global trading firm Trafigura and its latest expansion deal with long-time client Mitsubishi, grabbing its naptha desk, to go along with its global physical oil business. And these are just a few of the now more than 4 dozen clients Aspect services under its flagship AspectCTRM product.
In total, Aspect's client base is roughly 489 clients from 87 countries which includes its trade decision and market data portal, AspectDSC, and AspectPM forward curve tool.
New software bookings eclipsed $1.79 million for Q3 alone with its record 7 new deals, including Berkeley Energy (UK), Newstream (Switzerland), Ikon Petroleum (Dubai), Cadoil (Switzerland), Point Energy (Switzerland), MRI Trading (Singapore) and Mitsubishi's naptha business (Singapore).
Aspect's year has been strong from the start, with existing customers expanding usage and contract commitments, including America's clients Unipec, Aegean, and Metroplex/RaceTrac to name a few.
This year's contract extensions are valued at more than $2.09 million in increased bookings. Aspect provides 3-year term agreements to its clients and over 94% of clients extend for subsequent 3-year terms.
According to Aspect CEO Steve Hughes, "We don't lose customers every year, very few over the past couple of years. The main reason cited for a client not extending their license has been due to their own financial struggles in a tough economy. That's out of our hands."
"We're heading into our 15th year of business. Everything that has been done to this point has been to build a foundation for a renewable, subscription business for Software-as-a-Service (SaaS) solutions that scale. We're at that point where the business is scaling and becoming more profitable, and our customers are reaping the benefits of a maturing, but still very young company with award-winning technology that has been built for the future," said Hughes.