Caminus to acquire Orion Systems

Aug 17, 1999 02:00 AM

Caminus LLC, a leader in providing strategic software and consulting services to the global energy industry, has agreed to business terms to acquire Oslo-based Orion Systems AS, the pre-eminent supplier of software in the Nordic region and for the Nord Pool, which is considered by many to be the most competitive power market in the world. Subject to final due diligence and legal documentation, formal acquisition is scheduled for late August.
Combining Orion software with Caminus' Zai*Net suite of software products is "an excellent strategic fit," according to Dr. Nigel Evans, Managing Director Caminus Europe, "incorporating high-end risk management capabilities and state-of-the-art back office functionality in the industry's most comprehensive suite of solutions interfacing directly to the marketplace."
The acquisition also demonstrates Caminus' strong commitment to the European market. With the Orion acquisition, Caminus will have more than 100 European subject matter experts and some thirty new clients, including Hafslund ASA, a leading Nordic power trader and currently Orion's principal shareholder.
"We consider our new relationship with Caminus to be one of strategic partner as well as customer," explained Hafslund President and CEO Hans Tormod Hansen, adding, "With our shared perspective on the benefits that greater competition brings to energy markets, our partnership will contribute to the continuing success of both companies." Orion will become the Nordic business unit of Caminus, with its Founder and President Jan Kjetil Paulsen expected to become a Caminus Vice President with responsibility for the Nordic market reporting to Nigel Evans.
The combined company will have a customer base of more than 120 major energy enterprises world-wide. Caminus' roster of customers located throughout Europe and North America, include American Electric Power; Conoco, Inc.; Public Service Electric & Gas Co.; Phillips Petroleum Co.; and Eastern Electricity plc.

Caminus LLC is headquartered in New York City, with offices in Houston and Dallas, Texas; London and Cambridge, UK; and Berlin, Germany.

Source: Business Wire via Newspage
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