Houston, Texas-based Gulfstream Trading Limited has licensed Triple Point Technologies' TANGO oil trading business system. Gulfstream currently uses Excel spread sheets and Word documents in conjunction with Peach Tree accounting software to handle its trading process. The TANGO system is scheduled for implementation in September, after Gulfstream to Go Live with Upgrade in January
Gulfstream specializes in trading refinery and petrochemical feedstock's to chemical plants and refineries. The TANGO system will handle every aspect of Gulfstream's oil supply trading process, according to Gulfstream CFO Bijan Taghavi, including measuring, monitoring and risk management. TANGO's front-to-back office integration functionality will handle the various trading and market operations specific to the commodities, such as shipping, inspection, measurement conversions, contracts and invoices. Taghavi says Gulfstream has been looking for a software solution for at least two years, and was considering about four other products but chose TANGO mainly because "the product has been successful in the market and the price was right."
"Triple Point is the first to take the big program they sell to major companies and break it down into modules to market toward companies our size," notes Taghavi. He says that other programs run in the two to five million-dollar range and cover functionality not needed by Gulfstream. "Triple Point determines what modules are needed and custom make the system at an affordable price," he says. Taghavi adds that Gulfstream's previous manual trading process involved duplicate and sometimes triplicate entries, whereas with TANGO, "everything is input only once and you can go to certain modules to manipulate data and get information specific to the trade."
Triple Point is charging Gulfstream $150,000 for the TANGO software, as well as $30,00 in annual service and support fees, says Taghavi. Gulfstream is a privately held company trading mainly in naphtas and natural gas liquids with an annual revenue of more than $400 million. International Software Finance Corporation, one of Triple Point's business partners, is financing the TANGO software.