Since last summer, when CMS began marketing ProphetX in the UK, it has successfully sold the service to over 20 corporate clients including Vitol and E.D & F Man, both multinational commodities trading companies, as well as Fortis Bank. CMS believes the close working relationship it has developed with DTN, and its experience of selling ProphetX in the UK should help it quickly penetrate the extensive European market.
Following the agreement with DTN, CMS is actively recruiting a network of agents to handle the increased sales activity. CMS has begun preliminary discussions with several possible agents and plans to have them operating initially in the major European commodity trading centres. It is anticipated that initial agreements will be in place by the end of the first quarter. Until then CMS's London office will handle European sales.
ProphetX is a professional real-time market display and analysis product for commodity traders that has been developed by US company DTN Market Access. Typically priced at £200 per month per terminal, it has already proved popular in the USA, selling over 4,000 terminals.
Bob Antell, Chief Executive of CMS, commented: "We're looking forward to building on the success already achieved in the UK and obtaining further sales in Europe. We're starting our entry into Europe via the major commodity trading centres, where a number of our current clients have branches or indeed their headquarters. These therefore represent likely opportunities for immediate sales."
Corey Meyer, President of DTN Market Access, said: "DTN has been impressed with CMS's efforts to-date and we are pleased to build on our strong relationship by extending CMS's sales territory to include Europe. ProphetX continues to be a core and strategic element of DTN's business. We look forward to building on our own success of ProphetX sales in the USA with this extension of our relationship with CMS."
