Allegro Development Corporation
Allegro Development Corporation is a maker of commodity management software for power and gas utilities; refiners, producers and traders of crude oil, refined products, soft commodities and agricultural commodities; and industrial energy consumers. The company’s software provides companies with intelligence to improve position visibility for commodity trades, strengthen risk management, automate regulatory compliance, and to optimize their assets and portfolios with tools that quantify and mitigate risks.
Headquartered in Dallas, Texas; Allegro has offices in Calgary, Dubai, Houston, London, Singapore, Zurich, Kuala Lumpur and Jakarta along with a global network of partners.
The company’s flagship software platform is Allegro Horizon.
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.
The company’s primary product is Allegro Horizon, 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.
Allegro Customers include Trafigura, Southwest Airlines, Neas Energy, and TransAlta. The company has been noted for high levels of customer satisfaction by CTRM analyst firm ComTech Advisory, in its 2013 CTRM value survey.
Allegro Development Corporation has been recognized with a number of industry awards:
- In 2016 the company was awarded Commodity Trading and Risk Management Software House of the Year Award by Energy Risk magazine.
- In 2015 & 2013: IDC MarketScape named Allegro a 'Leader' in its Worldwide Energy Trading and Risk Management Software Vendor assessment.
- In 2014, CIO Review magazine named the company one of its 20 Most Promising Risk Management Solution Providers.
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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