Beacon Provides Statkraft with an Innovative Enterprise Platform
New York, New York, April 29, 2020 — Beacon Platform provides Stakraft with an innovative enterprise platform, which will be integrated into Statkraft´s existing models and IT systems. Beacon will capture non-standard energy contracts and perform portfolio management validation, trading, and risk management as well as data analytics.
To help manage the increasing complexity of trading in European energy markets, Beacon provides a collaborative development and end-user environment to Statkraft’s front office, middle office, operations, and developer teams. The platform will be used to embed the client's proprietary quantitative models, integrate to ETRM systems to pull trades and position data, and build new proprietary applications and models. Furthermore, Beacon Platform provides significant improvements in portfolio visibility, front office and middle office governance and workflow controls, visualization and analytics tools, curve and exposure management applications.
Beacon Platform is built to be an extensible platform that enables commodity companies to develop new or extend existing models, price and trade new products, consolidate the risk and hedging books, and create bespoke applications using Beacon’s application development framework and workflow tools. Clients have the ability to make changes, deploy code, and release to production all in the same day. Beacon’s open architecture model shares all source code with its clients, which enables the client –- not the vendor –- to own the full stack in a modern, cloud-based platform with automated elastic cloud compute services. This approach empowers clients to make the most out of the platform and create their own enterprise intellectual property. This makes Beacon the only "Buy and Build" ETRM solution in the industry.
Beacon Platform CEO Kirat Singh said, "Beacon is thrilled to partner with Statkraft AS, a leader in the renewable energy sector." Kirat added, "Our partnership with Statkraft reinforces our view that we provide the only commodity trading and risk management solution with an integrated development environment that can be deployed alongside other 3rd party solutions. The platform is product-agnostic, easily extendable to cover new markets, and built to integrate with in-house quantitative libraries overlaid within our risk framework. This is our first production Microsoft Azure deployment validating our multi-cloud strategy. Statkraft will also use our application development capabilities and collaborative development environment."
About Beacon Platform
Beacon is revolutionizing the financial services industry by empowering quantitative developer teams and business users. Founded by the team of senior technologists who worked with SecDB at Goldman Sachs and created Athena at JP Morgan and Quartz at Bank of America Merrill Lynch, Beacon is the only vendor on the market that gives clients underlying source code, a developer platform, and infrastructure services so that clients can own the full technology stack. Clients benefit from Beacon's next-generation platform for enterprise-scale analytics, trading, risk management, and more.