Allegro Development Corporation
|Frank Brienzi CEO|
Allegro Development Corporation is a developer of software tools for energy trading and risk management (ETRM). The company provides logistics, trade settlement, hedging, risk management, and analytics for participants in the energy markets, including power utilities, exploration and production companies, refineries, energy traders, and large-scale energy commodity consumers.
Allegro was founded in 1984 by Eldon Klaassen. The company was the first to develop an enterprise software platform designed specifically to manage logistics associated with physical commodities.
In 2008, Allegro received a Series A round of venture funding from North Bridge Growth and Tudor Growth Equity. The new capital enabled the company to scale up business operations. Klaassen left as CEO at that time and became a member of the Allegro Board in 2012 with Ray Hood succeeding him as CEO.
In 2014, Allegro was recapitalized by Vector Capital and Cerium Technology. Vector Capital is a private equity firm focused on investments in technology companies. Cerium Technology is an energy, trading and technology investment firm founded by Allegro founder Eldon Klaassen. Jason Liu was appointed interim CEO.
The company’s primary product is Allegro 8, an enterprise-level risk management architecture that allows companies to manage operations and integrate new components as their needs change. The software is used by traders, risk managers, and decision-makers across the globe, including some of the world’s largest energy industry companies.
2013 Governance Litigation
In June 2013, Eldon Klaassen, founder and former CEO of Allegro, sued the company for removing him as CEO. On October 16, 2013, Vice Chancellor J. Travis Laster handed down a 56-page memorandum opinion that said the claims asserted by Eldon Klaassen were barred because of his delay in bringing his suit. Details surrounding Klaassen's termination were revealed in court.
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