Andy, that's very helpful.  I hope that as technology improves and the notion of "web services" becomes more widely accepted as a substitute for "behind the firewall" applications, the opportunity exists for Kiodex to serve the broader universe of customers.  But I agree that there should be lots of low-hanging fruit among the many users of derivatives for whom trading is not a core activity.
-----Original Message----- 
From: Andy.Zipper@enron.com [mailto:Andy.Zipper@enron.com ] 
Sent: Friday, June 08, 2001 10:26 AM 
To: sgross@warburgpincus.com 
Subject: RE: Conagra is our newest beta customer! 
Stewart, 
I base my opinion on 15 years trading and marketing risk management 
products to corporations. When I was at Bankers Trust, every corporation we 
dealt with would ask after completing a deal "can you tell us where we can 
get a cheap off-the-shelf system that we can use to manage these things ? " 
The problem KioDex has is exactly what you describe: with companies that 
where trading of derivative products is core to their mission, the third 
party ASP model is an extremely difficult one to sell. There are all the 
obvious reasons: security, reliability, continuity etc... What Kiodex needs 
to focus on, in my opinion, is the intersection of customers who need the 
product but don't view the function as critical to their operation. 
For what it is worth. 
Andy