Westport’s Triple Point Technology, Inc., a provider of commodity and energy trading solutions, has completed a buyback of Cinergy’s minority ownership stake, it was announced today.
Cinergy, a licensee and major user of the company’s “XL” technology platform for energy supply and trading, made the investment in December 2000 to provide financial strength and R&D capital to Triple Point as it embarked on a five-year expansion plan.
Since receiving the funding, Triple Point has invested heavily in technological and product advancement, has revamped and modernized its product line, and now offers the market’s only fully-integrated next-generation multi-asset class commodity solutions, the company said.
Cinergy will remain a client and licensee of Triple Point.
“Cinergy’s investment provided the fuel Triple Point needed to build the world class, next-generation multi-commodity solutions the market has long demanded,” said Peter F. Armstrong, founder and president, Triple Point Technology, Inc.
“Our aggressive investment in technology and product development during a period of challenging and changing market conditions clearly distinguishes us from the competition—and has been as good for our clients as it has been for the fiscal results of our business.
“The ability to now complete this stock repurchase highlights our company’s solid foundation and presents a broader operational platform upon which the next stage of growth can be built.”
Triple Point was founded in 1993 and has been recognized four times since then by Inc. magazine as one of the fastest growing companies in the United States. It is located at 301 Riverside Ave.
