US rival acquires software startup JustCommodity

Singapore

HOMEGROWN commodity management software startup JustCommodity on Wednesday announced that it has been acquired by Texas-based rival Allegro Development Corporation. The acquisition is for a sum of over US$20 million, BT has learnt.

JustCommodity provides a commodity trading and risk management platform known as CxC to more than 30 clients in Asia - including Olam, Sime Darby and Genting Plantations - that primarily deal in agriculture commodities. Founded in 2002, the startup reportedly became active in the commodities space around 2008 and is said to be the only such player in Singapore. Allegro, on the other hand, has more than 30 years of industry experience and works with mainly power, gas and utility clients across the US and Europe.