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News
OpenLink and MCG Announce Joint Venture Partnership
Uniondale, NY, March 3, 2009 / Business Wire: Open Link Financial, Inc. (“OpenLink”), a leading provider of cross-asset trading, risk management and related operational, portfolio management and optimization software to worldwide companies in the global energy, commodities and financial services markets, today announces that it has entered into a joint venture agreement with MCG Energy Solutions, LLC (" MCG "), a nationally recognized leader in the provision of power scheduling systems, meeting North American Electric Reliability Council (NERC) e-Tag, Open Access Same-Time Information System (OASIS), and ISO communications requirements for electricity markets.
OpenLink has long been a leader in enabling straight-through-processing providing integrated modules for trading, risk, logistics, and accounting. The partnership with OpenLink and MCG will continue this mission of allowing clients to streamline their electricity business processes in one system.
OpenLink’s Endur solution, in partnership with MCG, will provide traders and risk managers with up-to-the-minute market information about energy transactions, ISO deals, NERC e-Tags, and transmission reservations. The robust framework will help clients capture purchases and sales of electricity, fuel, and emissions credits, show risk across multiple scenarios that affect forecasting and profitability, reserve transmission, schedule and tag power, submit bids, track positions, perform settlement reconciliation, track costs, and post to sub-ledger accounts.
OpenLink and MCG will provide seamlessly integrated end-to-end solutions in trading, risk management, and logistics for managing the utility ISO/RTO life cycle by combining a comprehensive integrated risk accounting and compliance reporting solution with traditional solutions for managing physical trading and scheduling.
MCG’s President, Mike Prickett said, “This joint venture creates tremendous opportunity for us and our clients who will benefit from the combined intellectual capital, market intelligence and product capability of MCG and OpenLink. MCG and OpenLink are very similar in their focus on product development, customer satisfaction and retention as a means to foster incremental growth, and together we are confident that both companies will provide incremental value to our clients through this new joint venture.”
“OpenLink is excited about the synergistic dynamics that OpenLink and MCG will mutually provide. This joint venture agreement is a very important step in building our business and providing our energy client base with a complete integrated logistical solution for the future,” commented OpenLink’s CEO Kevin Hesselbirg. “We look forward to providing North American energy participants with new options in these difficult times to reduce costs while reducing operational risk and we are very pleased to be working with MCG who has impressed us with their loyal and satisfied customer base, product depth, and impressive growth.”
About MCG
MCG was incorporated in 1995 by a team of software professionals to produce quality technology solutions for its clients and is headquartered in Minneapolis, MN. Today, MCG develops full-service software solutions and support with top-of-the-line customer service. MCG’s fully integrated systems provide electric utility companies, traders and operators with the tools needed to fully manage their power scheduling needs.
About OpenLink
Founded in 1992, OpenLink is a leading developer of cross-asset trading, risk management, and related operational and portfolio management software. OpenLink’s diverse client base of over 130 clients worldwide includes 10 of the top 25 largest energy companies by market capitalization, eight of the largest financial institutions and seven of the largest central banks, as well as major hedge funds and public utilities. Headquartered on Long Island, New York, and with offices in New York City, Houston, London, Berlin, Vienna, São Paulo, Sydney, and now Singapore, OpenLink has more than 700 employees worldwide.
Editorial Contact:
Marketing and Communications
Open Link Financial, Inc.
Phone: +1 516 833 4509