Newly launched start-up Cadoil Trading SA, created by a team of seasoned professionals with strong sector track records and established relationships throughout Europe, the Middle East and Africa, has selected Aspect Enterprise Solutions leading cloud solution AspectCTRM as its trade and risk management platform.
Bold expansion plans will see Geneva-based Cadoil triple their user base within two years, with the cloud-based solution supporting front-, mid- and back-office trading in physical cargoes and related derivatives.
Cadoil's choice of AspectCTRM was made after a rigorous evaluation process, managed by the globally recognized consultancy firm PWC, of five contending offerings. Aspect emerged the winner on cost of deployment, cost of ownership, functionality and scalability.
Cadoil's CEO Luis Muniesa first encountered AspectCTRM in 2005 when he was trading manager at a refining company in Spain. "With the start-up of Cadoil, I wanted Aspect on our selection list. The process was handled by PWC and Aspect's Standard Edition came out on top. It's a very impressive solution, written by traders, for traders, it supports our needs for recording all trading activity, assisting in decision making and analysis, and delivering management reports. Our backers are looking for rapid expansion. Aspect's modular approach will act as a catalyst for growth by enabling us to start small and grow quickly while adding functionality such as interlinks to other systems including our ledger."
Aspect EMEA Sales Director Yags Savania said the deal with Cadoil saw Aspect going head-to-head with the CTRM sector's heavyweights and yet again coming out on top. "Managed by PWC, the selection process at Cadoil delivered further evidence that as AspectCTRM matures it matches point for point all the functionality offered by the competition, and wins hands down through speed and cost of implementation."
Aspect has not lost a single deal over the past two years when put into an evaluation process against competitors. Its message for delivering benefits is unmatched by competitors whose costly hardware, software and maintenance fees are becoming unpopular when measured against the cloud.