Allegro Development Corporation

Allegro Development Corporation
Private
Industry Software
Founded 1984
Founder Eldon Klaassen
Key people
 Frank Brienzi CEO
Products Software Solutions
Website Official website

Allegro Development Corporation is a developer of software tools for energy trading and risk management (ETRM).[1][2][3] 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.[3][4]

Allegro is headquartered in Dallas, Texas, and has offices in Calgary, Houston, London, Singapore, Sydney, and Zurich.[1][3] The company’s flagship software platform is Allegro 8.[5]

History

Allegro was founded in 1984 by Eldon Klaassen.[2][3][6][7] The company was the first to develop an enterprise software platform designed specifically to manage logistics associated with physical commodities.[1][3]

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.[1]

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.[8]

Products

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.[9] The software is used by traders, risk managers, and decision-makers across the globe, including some of the world’s largest energy industry companies.[3][10]

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.[11]

References

  1. 1 2 3 4 "About Us". Allegro. Retrieved 25 March 2013.
  2. 1 2 "Allegro Development Corporation". CrunchBase. Retrieved 25 March 2013.
  3. 1 2 3 4 5 6 "Company Overview of Allegro Development Corporation". Bloomberg Businessweek. Retrieved 25 March 2013.
  4. ↑ "Allegro Development". VB Profiles. Retrieved 25 March 2013.
  5. ↑ "Allegro Awards and Certifications". Allegro. Retrieved 25 March 2013.
  6. ↑ Vasey, Gary M. "A Visit with Eldon Klaassen, CEO of Allegro Development". UtiliPoint International, Inc. Retrieved 25 March 2013.
  7. ↑ "BKW FMB Energy AG Goes Live on First Phase of Allegro Energy Trading and Risk Management; Major Swiss Utilities Company Manages Emissions Trading with Allegro 8". Electric Light & Power. Retrieved 25 March 2013.
  8. ↑ "Vector Capital and Cerium Technology Announce the Recapitalization of Allegro Development". MarketWatch. 24 July 2014. Retrieved 31 July 2014.
  9. ↑ "Training & Certification: Allegro 8" (PDF). Allegro. Retrieved 25 March 2013.
  10. ↑ "Eldon Klaassen". VB Profiles. Retrieved 25 March 2013.
  11. ↑ http://courts.delaware.gov/opinions/download.aspx?ID=195950

External links

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