21 December 2010, London: Brady plc (BRY.L), the leading supplier of trading and risk management solutions for metals and commodities, confirmed that the recently announced share placing was ratified by shareholders at a General Meeting held in London on 21 December, allowing the acquisition of Viz Risk Management ("Viz") to proceed. As well as making Brady the largest European based provider of trading and risk solutions to the global commodity markets, the enlarged company also becomes the major provider of risk management and trading solutions to the European energy markets, principally electricity, gas, emission certificates and coal. Part of Brady's successful £15 million share placing in November was used to finance the acquisition and also to further increase Brady's cash resources.
Gavin Lavelle, Brady CEO, said, "We see this as a transformational deal for Brady and it is another important step towards becoming the definitive global partner of choice for trading, risk management and settlement solutions across all commodities and energy products. This is our third acquisition in eighteen months and we have established a successful track record of fast and efficient integration of acquired companies. I am confident clients will quickly see tangible, long-term benefits from this latest acquisition, particularly as Viz's Elviz ETRM is the leading solution for trading European electricity, gas, coal and emissions."
Frank Carlsen, Viz CEO, commented, "The deal is good for our clients, Viz and Brady. For many years we have set the market standard for European energy trading and risk management, making Elviz ETRM the most advanced solution for real-time trading, pricing, analysis and risk management currently available. Becoming a part of Brady's greater geographical reach and infrastructure will enable us to take Elviz ETRM to the wider, global energy community."
Viz was founded in 1992 and has an impressive client base throughout Europe, with clients including major energy producers and traders. The Elviz ETRM will now be Brady's lead product to the energy sector and in time will be combined with Brady's existing offerings as part of the company's "single source - single view" strategy to provide comprehensive solutions for specialist markets. This will ensure clients have access to a single trading and risk management solution for the whole lifecycle of all commodities, including metals, softs and energy products.
This acquisition is an exciting opportunity for Brady and is expected to facilitate further growth and extend the geographical reach of the company into Northern and Eastern Europe. Brady also acquired Viveo Switzerland, in March 2010, and Comsoft in 2009, both of which have significantly grown and are performing ahead of initial plans. Brady will now be able to offer its clients full cross-commodity coverage, with integrated solutions for commodities and energy trading from capture, through processing, inventory, invoicing and ultimately reporting P&L on the trades.
# # #
Media contact:
John Norris
Moonlight Media
Tel: +44 (0) 20 7250 4770
Email: john@moonlightmedia.co.uk
Notes to Editors:
About Brady plc
Brady plc (BRY.L) is a leading global provider of trading and risk management software to the worldwide commodity markets. Brady combines fully integrated and complete solutions supporting the entire commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for refined and unrefined metals, softs and energy.
Brady has 25 years' expertise in the commodity markets with over 100 customers worldwide, including some of the largest financial institutions, producers and mining corporations which depend on Brady's software solutions to deliver vital business transactions across their global operations. Brady clients include many of the world's largest miners, refiners and producers, trading companies, tier one banks and a large number of London Metal Exchange (LME) Category 1 and 2 clearing members. For further information visit: www.bradyplc.com
Brady plc: Twitter/Facebook/LinkedIn
About Viz Risk Management
Viz Risk Management is a leading provider of real-time trading and risk management solutions to the international energy markets. European energy markets acknowledge Elviz ETRM as offering the most advanced product set available for real-time trading, pricing, analysis and risk management in their market sector.
With almost 20 years of expertise in the energy markets, Elviz ETRM is the solution of choice for more than 50 customers in Europe trading electricity, gas, coal, emissions and money markets. Viz clients include significant utility providers and oil companies in Europe as well as investment banks and portfolio managers.
Viz continues to set the market standard for innovation, having developed industry-leading techniques which allow consistent monitoring and measurement of risk in energy trading operations. Based on modern financial theory, Elviz ETRM software provides an integrated front- to back-office trading suite. For more information visit: www.viz.no