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Sakonnet Technology Secures Multi-year Extension with large European Utility

London, June 15, 2009 - Sakonnet Technology (www.sknt.com), a leading provider of European energy trading and risk systems announced today that a large European energy supplier has extended its licensing and services agreement of its core products Xenon, XIP and related services.

Sakonnet’s ability to deliver was cemented by the success of the recent Xenon 5 upgrade, a large scale IT project by most standards and the extension of a multi-year agreement. The project was delivered ahead of schedule and on budget. The new platform based on Oracle 10g provides clients with the scalability and performance needed to support both small and large scale pan-European trading operation.

“The Xenon 5 project was the most challenging project we have ever delivered on because of the sheer amount of data which had to be migrated and reconciled during the go live weekend. The project success would not have been possible without having the right people, detailed planning, dedication and hard work,” said Peter Loeffler, CFO of Sakonnet.

“Sakonnet made a significant investment in Xenon over the past two years. The goal was to integrate with Oracle’s advanced RAC technology and enable Xenon to offer greater performance, functionality and scalability to our clients while limiting the risks often associated with such technology upgrades. Our experiences demonstrate Sakonnet’s ability to deliver on complex and mission critical projects for one of the largest European utilities,” said Eric Min, CEO of Sakonnet.

Eric Min

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, London and Rio de Janeiro.

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