Hitachi ABB Power Grids has signed a definitive agreement to acquire US-based Pioneer Solutions LLC, a provider of industry-leading front-to-back-office Commodities/Energy Trading and Risk Management (C/ETRM) solutions, headquartered in Denver, Colorado, USA. This expansion will give the business the most comprehensive offering in the market. The acquisition is expected to close in the fourth quarter of 2020.
Pioneer Solutions LLC has been recognized as an industry leader, being named in the top five of Energy Risk’s Software Survey & Rankings for the past seven years. The company was also ranked as the best cloud-based C/ETRM and as the number one in customer service and support by Energy CIO Insights for 2019.
Claudio Facchin, CEO of Hitachi ABB Power Grids, said, “The addition of Pioneer Solutions LLC, an industry recognized leader in Commodities/Energy Trading and Risk Management, will position us as the partner of choice for customers looking to support a sustainable energy future while managing market risks.”
As a result of this agreement, Hitachi ABB Power Grids will expand its existing Energy Portfolio Management offering to create new value for energy market participants who trade, hedge risk and track emission and renewable energy credits for electricity and other commodities.
Massimo Danieli, managing director of Hitachi ABB Power Grids’ grid automation business unit, said, “C/ETRM systems continue to be critical tools for global energy merchants and traders in western markets, and will be of increasing importance in Asian markets, especially Japan, China and many other rapidly developing economies.” He continued, “This comprehensive solution will help them to more effectively address the rapidly changing commodity markets around the world.”
Uday Baral, president, Pioneer Solutions LLC, said, “We are excited to become a part of global technology leader, Hitachi ABB Power Grids. This acquisition positions Pioneer Solutions LLC to continue to provide our uncompromised level of service to our existing customers and expand our reach into new regions and segments.”
The foundation for Pioneer Solutions’ software is its Financial and Regulatory Risk Management (FARRMS) technology platform that offers customers increased flexibility, lower cost of ownership and faster time-to-value. Based on leading digital architecture, FARRMS forms a complete C/ETRM solution that can be deployed both on premises, at the customer site, or hosted in the cloud and delivered over the internet via a Software-as-a-Service (SaaS) model.