Kiodex secures second round of financing

Kiodex, a New York-based provider of Web-based energy risk management solutions, has secured an additional $10 million in financing from Warburg Pincus, the global private equity firm. The firm originally invested $15 million in April 2001. It plans to use the investment to improve its flagship software application, the Kiodex Risk Workbench, which combines pricing tools, market data, financial reports and deal capture for corporate risk managers who want to manage energy price volatility.

One of the planned enhancements for Risk Workbench is a complete FAS 133 accounting module. “A wide range of issues relating to risk management and transparent accounting practices are increasingly being placed under intense scrutiny,” said Stewart Gross, senior managing director of Warburg Pincus and a member of the Kiodex board of directors. “Every company needs to know what its energy exposure is at any time on a mark-to-market basis. This increased focus makes the services Kiodex provides even more valuable to today's corporate market-place.”Kiodex clients include Union Pacific Railroad and American Airlines, which uses Risk Workbench to hedge jet fuel prices.