This article originally appeared in the July 2021 issue of Fuel Oil News magazine. View the magazine
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OnlineFuels acquired by DTN
James Stairmand, founder of OnlineFuels commented: “Proud to announce that after nearly 6 years of founding OnlineFuels, we have been acquired by DTN. A massive team effort to get this over the line. I’m excited for the next chapter and looking forward to joining the DTN team.
“I started the business with a view of one day exiting, so I’m delighted with the outcome. Happy I took the risk and went on my own adventure!”
The industry-leading solution solves a complex issue many commodity traders around the world face –how to complete transactions using real-time data to drive better profitability while also mitigating risk. Many transactions today are logged in separate programs or documents, leading to increased risks of human error. The end-to-end online marketplace –once added to the DTN suite of solutions –will alleviate that risk and allow customers to make confident decisions that impact their bottom line.
“Our customers look to DTN to not only make sense of their data and deliver operational intelligence, but also to do so through innovative solutions that support complex decisions and give their business a competitive advantage,” said Marc Chesover, president of DTN. “Adding the OnlineFuels team and online trading platform to DTN solutions strengthens our ability to serve our customers around the world and solve a long-standing challenge of digitising their buying and selling transactions.”
Once integrated, DTN will be able to seamlessly connect the buyers and sellers of commodities worldwide through a robust online marketplace. In the future, the company plans to leverage the OnlineFuels technology and offer it to additional markets and industries.
“By joining the DTN team, we see a great opportunity to continue investing in our ability to support digital transformation within the refined fuels industry in Europe and, later, North America,” said James Stairmand. “Through the integration, we will match our solution with existing and future DTN platforms to give our customers the tools needed to confidently make decisions, mitigate risks and turn their operations into a competitive advantage.”
The combined offering, once available, will provide a cohesive view of operations and the technology necessary to facilitate end-to-end transactions. This acquisition furthers the DTN mission of empowering customers with intelligent and actionable insights that result in confident decisions and a competitive advantage.