Inatech, the energy trading risk management (ETRM) systems provider owned by Glencore, one of the world’s biggest commodities traders, announces that it has picked Romania as a new hub for IT development.
According to a press release, Inatech has taken on five developers in Bucharest to work on new releases of its key ETRM product for the oil trading industry. The product, named Techoil, enables fully informed and collective decision-making processes by allowing trading firms to see profit and loss in real-time on any given oil trade, and to track the evolution of P&L as variables change such as supply logistics.
The development team in Bucharest will complement the work of Inatech’s existing product development unit, headquartered in Chennai, India.
“As we grow as an organization, we’re keen to diversify our pool of talent,” said Inatech’s CEO Jean-Hervé Jenn. “Building R&D in more than one location enables a richer exchange of ideas and cross-pollenates unique best practices from each location.”
The choice of Romania reflects the high level of skills available locally in IT, a strong sense of professionalism and good education, as well as a cost base 20-30 percent lower than in Western Europe. In terms of technical prowess, Romania is a global leader: the rate of gifted children is twice the worldwide average and the country has ranked No. 1 in Europe at the International Math Olympics this decade.
“We particularly appreciate the way in which our IT specialists in Bucharest like to think long and hard about an assignment at inception,” said Jean-Hervé. “Before coding even begins, you’ll get asked so many questions, it will drive you crazy – but it’s because they’re thinking through the full concept, and at the end of the process you get the product you truly need.”
The new team in Bucharest reports to Satyadip Das, Head of R&D, based in India.