KUHN CAPITAL Monday, March 19, 2018
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Here Comes the Sun (Again)

September 17

SunGard Trading and Risk Systems, an operating group of SunGard (NYSE:SDS), announced this week that it bought Kiodex, a supplier of web-based risk management, reporting, compliance and analysis for companies, like utilities, exposed to commodities risk. Terms were not disclosed.

Kiodex customers use the company's applications -- Kiodex Risk WorkBench and Kiodex Global Market Data-- residing on the company's ASP servers. The company's acquisition expands SunGard's portfolio of ASP-based risk services, specifically those used by utilities, investment banks, intermediaries and traders dealing in energy.

With revenues of $3 billion, SunGard is huge, serving more than 20,000 customers in 50+ countries, including the world's 50 largest financial services companies. It has completed some 130 acquisitons.

Kiodex President Raj Mahajan claims that the four-year old company signed 19 new customers in 2004.

Sungard's Kioddex purchase represents a vote of confidence in the future of energy trading following a long slump sparked by the Enron and California debacles. Provided that energy regulators resist the temptation to meddle in free energy trading as they did in California, we agree with Sungard's optimism.

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