Caminus LLC Executes Letter of Intent To Acquire Orion Systems.OSLO, Norway--(BUSINESS WIRE)--Aug. 16, 1999-- Caminus LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a leader in providing strategic software and consulting services to the global energy industry, today announced that it has agreed to business terms to acquire Oslo-based Orion Systems AS, the pre-eminent supplier of software in the Nordic region and for the Nord Pool Nord Pool, the Nordic Power Exchange, is the world's only multinational exchange for trading electric power. Nord Pool was established in 1993, and is owned by the two national grid companies, Statnett in Norway (50%) and Svenska Kraftnät in Sweden (50%). , which is considered by many to be the most competitive power market in the world. Subject to final due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and legal documentation, formal acquisition is scheduled for late August. Combining Orion software with Caminus' Zai*Net suite of software products is "an excellent strategic fit," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dr. Nigel Evans Nigel Martin Evans (born 10 November 1957) is a British politician. He is the Conservative Party Member of Parliament for the Ribble Valley constituency. Nigel Evans was born in Swansea, Wales and was educated locally at the Dynevor School and the University of Wales, , Managing Director Caminus Europe, "incorporating high-end risk management capabilities and state-of-the-art back office functionality in the industry's most comprehensive suite of solutions interfacing directly to the marketplace." The acquisition also demonstrates Caminus' strong commitment to the European market. With the Orion acquisition, Caminus will have more than 100 European subject matter experts and some thirty new clients, including Hafslund ASA, a leading Nordic power trader and currently Orion's principal shareholder. "We consider our new relationship with Caminus to be one of strategic partner as well as customer," explained Hafslund President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Hans Tormod Hansen, adding, "With our shared perspective on the benefits that greater competition brings to energy markets, our partnership will contribute to the continuing success of both companies." Orion will become the Nordic business unit of Caminus, with its Founder and President Jan Kjetil Paulsen expected to become a Caminus Vice President with responsibility for the Nordic market reporting to Nigel Evans. The combined company will have a customer base of more than 120 major energy enterprises worldwide. Caminus' roster of customers located throughout Europe and North America, include American Electric Power American Electric Power (NYSE: AEP) is a major investor-owner electric utility in various parts of the United States. It is headquartered in Columbus, Ohio. It serves parts of 11 states, and is currently the largest electricity generating utility in the United States. ; Conoco, Inc.; Public Service Electric & Gas Co.; Phillips Petroleum Co.; and Eastern Electricity plc. Caminus LLC is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , with offices in Houston and Dallas, Texas; London and Cambridge, UK; and Berlin, Germany. Caminus is considered the foremost supplier of energy solutions and services worldwide. For recent news releases and other information on Caminus, visit the company Web site at www.caminus.com. Information about Orion Systems is available on its web site at www.orion.no. |
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