OpenLink Preps SolArc Purchase
Pending regulatory approvals, energy, commodities, trading and risk management system provider Open Link Financial plans to acquire commodity management solution vendor SolArc in a deal expected to close by the end of the year.
"The complementary platforms of each company will continually evolve to meet the ever-changing needs of the marketplace—in particular, the convergence of the physical and financial trading, combined with the need to manage financial risk and operational risk across the associated complexities of physical delivery and settlement," says Kevin Hesselbirg, CEO of OpenLink.
Under terms of the deal, Brad Anderson, CEO of SolArc, will become a member of OpenLink's management team and will continue to oversee the SolArc business line, its strategy and product development.
"We are committed to assisting the SolArc management team to continue driving organic growth and international expansion by leveraging our global footprint, while retaining the entrepreneurial and product development focus of the SolArc organization," says Hesselbirg.
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