Vector Capital and Cerium Technology Announce the Recapitalization of Allegro Development
San Francisco, CA and Dallas, TX - July 24, 2014 - Vector Capital, a leading global private equity firm specializing in transformational investments in established technology businesses and Cerium Technology, an investment fund focused on energy, trading and technology, today announced the recapitalization of Allegro Development Corporation.
Allegro Development Corporation, founded in 1984, is a global, leading software provider for power and gas utilities, refiners, producers, traders and energy consumers. With more than 30 years of deep industry expertise, Allegro provides real-time intelligence and decision-making capabilities.
David Fishman, a Managing Director at Vector Capital who will join Allegro’s Board of Directors, commented, "For 30 years, Allegro has been a leader in the space, successfully providing solutions for the industry’s largest and most complex customers. We are honored to partner with Allegro and Cerium towards accelerating this growth going forward."
Allegro has shown substantial revenue growth. The industry has taken notice of Allegro’s market leadership and recognized the company for its success, including Energy Risk Magazine’s Software House of the Year and one of CIO Review’s 20 Most Promising Risk Management Solution Providers for Capital Markets.
As part of the transaction, Jason Liu is joining Allegro’s team as interim CEO. Jason has a strong track record of building high growth companies in the software space.
Eldon Klaassen, Managing Director at Cerium Technology and Allegro’s founder, said, "Cerium is extremely excited about partnering with Vector in the next stage of Allegro’s growth. I founded Allegro with the vision of becoming the undisputed leader in the space. This partnership will allow Allegro to accelerate its investment into its products, people, customers, and partners.”
Andy Fishman, a Principal at Vector who will also join the Board of Directors commented, "We are thrilled about Allegro becoming part of the Vector family. Through our partnership with Cerium, we are committed to strengthening and expanding Allegro’s market leading product and service capabilities.”
About Allegro Development
Allegro is a leading provider of commodity value chain and risk management (CVCRM) software for power and gas utilities, refiners, producers, traders and commodity consumers. With more than 30 years of deep industry expertise, Allegro provides real-time intelligence and decision-making capabilities, from the source of the commodity (ground), through transportation, to the commodity consumer. Allegro’s software provides the global intelligence companies need to manage physical and financial positions, and to optimize their assets and portfolios using tools that quantify and mitigate risks. Headquartered in Dallas, Texas, Allegro has offices in Calgary, Houston, London, Singapore, Sydney and Zurich, along with a global network of partners.
About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. Vector identifies and pursues these investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers, and shareholders. Among Vector's notable investments are Aladdin Knowledge Systems, Cambium Networks, Certara, CollabNet, Corel, IPVALUE Management, LANDesk Software, Niku, Gerber Scientific, RAE Systems, Register.com, SafeNet, Technicolor, Teletrac, Tidel, WatchGuard Technologies, and WinZip.
About Cerium Technology
Cerium Technology is an investment firm focused on energy, trading and technology. Cerium is managed by energy industry veteran Eldon Klaassen, and has current investments in oil and gas exploration and production, mobile energy analytics, and advanced trading technology. Cerium invests in companies with unique assets and ideas that can be enhanced by their expertise and vision.