SAKONNET TECHNOLOGY RENAMES ITS ENERGY TRADING APPLICATION XENON™
New York, October 16, 2001 – Sakonnet Technology, an energy trading software and services provider, announced today that its trading and risk management application has been rebranded globally Xenon™ software. The first release number under the new brand name is Xenon™ 3.0, reflecting enhancements of earlier releases of the application when it was called Picasso.
“Xenon lamps produce intense white or ultraviolet light. Our software is intended to provide a clear and immediate view of risk, so we feel the name Xenon is a great fit,” said Eric Min, Sakonnet’s chief operating officer. “Xenon also met our criteria for a short, simple name that we can use globally.”
The rebranding coincides with Sakonnet’s launch of a new website providing a more in-depth view of its software and services.
“Now that Xenon is in production covering every energy market from crude and coal, and power to emissions, we want industry players to visit sakonnettechnology.com and fully understand our unique approach to trading system development and services,” said Ian Clarke, the company’s director of product strategy.
The Xenon™ 3.0 release substantially expands existing functionality. Xenon now covers a wider range of physical option types for power markets, further credit risk functions and integrates VaRlib®, the value-at-risk, or VaR, monitoring engine from energy analytics provider, Financial Engineering Associates.
In the physical world, Xenon (pronounced “zee’non”) is a rare inert gas. It was first discovered in 1898 by William Ramsay and M.W. Travers at University College, London, England. Ramsay, a Scotsman, also discovered helium, krypton and neon. For this work he was knighted in 1902 and received a Nobel Prize in 1904.
About Sakonnet Technology
Sakonnet Technology is the market leader in Software as a Service (SaaS) for energy trading and risk management. Sakonnet's expert international teams provide an unrivalled level of hosting, support, upgrade and consulting services linked to its advanced Xenon® platform. These services along with Xenon's streamlined interfaces and workflow, transform the end-user experience, resulting in higher productivity, stronger risk control and a trading edge. Sakonnet addresses the needs of energy companies, banks and hedge funds trading in power, natural gas, crude oil and related markets and has offices in New York and London.
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