A Perth company that has developed a digital trading platform for the global LNG market has secured financial backing from Shell, Tattarang Group and Woodside Petroleum.
A Perth company that has developed a digital trading platform for the global LNG market has secured financial backing from Shell, Tattarang Group and Woodside Petroleum.
Shell and Tattarang are new investors in GLX Digital while Woodside has added to its existing holding through the Series A funding round.
The new investors joined billionaire technology investor Alex Waislitz, and Perth’s Criddle and Delroy families, as GLX shareholders.
Woodside, Tattarang and Shell Ventures, the venture capital fund of Royal Dutch Shell, have all emerged with minority shareholdings in GLX.
The addition of Shell as a shareholder is especially significant, as it accounts for more than 20 per cent of global LNG trading.
Shell executive vice president Steve Hill said the GLX digital platform was a natural step in the evolution of the global LNG market.
“As a leading LNG player, we are keen to be part of this,” Mr Hill said in a statement.
“The sophistication of the GLX software in combination with the high calibre and quality of the management team gives GLX a strong base for the future.”
The capital raising, for an undisclosed sum, has been completed just weeks after Perth company director Mark Barnaba succeeded Rob Cole as GLX chairman.
Mr Barnaba’s other roles include deputy chair of Fortescue Metals Group.
Tattarang (formerly Minderoo Group) is the private company of Fortescue founder Andrew Forrest.
Mr Barnaba said the latest investment validated the emergence of digitalisation across global commodity markets.
“This development is not just significant for the LNG sector, but also for digitalisation in commodity markets globally,” Mr Barnaba said.
“GLX has developed next generation deal capture and trade management software, allowing companies to connect and manage their middle office on a platform customised to suit their own business processes.
“Our strategic business model has similarities to Salesforce, however our focus is purely on supporting global commodity markets.
“GLX is a wonderful example of an innovative Australian company that is leveraging our nation’s strong foundation of commodity expertise.”
GLX was established in Perth in 2016 and executed its first trade in 2017.
Led by chief executive Damien Criddle, it has signed up about 75 companies to its platform.
GLX is also helping customers create their own digital trading platform.
