CTRM / ETRM Pricing – Considerations with the Transition to Subscription-based Pricing

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C/ETRM PRICING CONSIDERATIONS WITH THE TRANSITION TO SUBSCRIPTION-BASED PRICING

Table of Contents INTRODUCTION | 3 CTRM IS NOT A COMMODITY PRODUCT | 5 SMALL MARKET ECONOMICS MATTER | 6 VALUE-BASED PRICING DOMINATES - IN A WAY | 7 HISTORICAL PRICING | 8 TRADITIONAL PRICING MECHANISMS | 9 SOFTWARE AS A SERVICE | 10 WHAT ACTUALLY DRIVES CTRM PRICING? | 11 WHY PRICES VARY | 12 COMPETITION AND PRICE EROSION | 13 HOW DOES IT REALLY WORK? | 15 USER AND THIRD-PARTY PERSPECTIVES | 16 SUMMARY & CONCLUSIONS | 17 - Key takeaways | 18

INTRODUCTION Few subjects in the world of Commodity Trading and Risk Management (CTRM) software provoke more confusion, frustration, or mythology than pricing. Ask ten firms what a CTRM solution costs implemented and you will hear ten radically different answers. Some firms report multi-milliondollar programs spanning years, while others describe subscription-based implementations that appear comparatively affordable. Yet even among similar firms trading similar commodities, costs can vary dramatically.

The reality is that CTRM software pricing remains opaque, inconsistent, and highly contextual. Buyers frequently underestimate the true cost of ownership, vendors rarely present a complete picture during early sales cycles, and procurement teams often assume that software license or subscription cost is the principal commercial issue when, in fact, implementation, integration, organizational change, and ongoing operational expense frequently dwarf the initial software purchase.

Meanwhile, the market itself is changing. The movement toward Software-as-a-Service (SaaS), cloud-native delivery, managed services, composable architectures, and API-driven ecosystems is gradually reshaping commercial models. Subscription pricing, consumption-based charging, hosted services, and platform ecosystems are introducing new approaches to cost allocation. Yet despite claims that SaaS lowers expense, many organizations discover that cost merely migrates rather than disappears.

This opacity is not accidental. CTRM software evolved in a niche environment characterized by complex workflows, bespoke requirements, relatively small addressable markets, and high switching costs.

Vendors historically priced software according to perceived business value and customer sophistication rather than through transparent standardized catalog pricing. As a result, two customers purchasing ostensibly the same software could pay vastly different amounts depending upon negotiation leverage, scope, geography, customization requirements, timing, and strategic vendor considerations.

The first uncomfortable truth for buyers is this: there is no single price for CTRM software.

The second uncomfortable truth is even more important: software license price rarely determines project economics.

In practice, the total cost of ownership (TCO) of a CTRM platform reflects a much broader equation: Total Cost = Software + Implementation + Integration + Data + Infrastructure + Change Management + Support + Opportunity Cost

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C/ETRM Pricing – Considerations with the Transition to Subscription-based Pricing.

Unfortunately, organizations continue to optimize procurement around license negotiation rather than lifecycle economics.

This paper explores the realities of CTRM pricing by examining: • How CTRM pricing models evolved • What actually drives software cost • Why implementation often exceeds licensing

• • • •

Hidden economic drivers behind vendor pricing SaaS, cloud, and subscription dynamics Procurement mistakes buyers repeatedly make Future trends shaping pricing over the next decade

The objective is not to establish universal benchmarks but to help market participants understand why costs differ, where risks reside, and how better commercial decisions can be made.

The content of this paper are the views and opinions of Commodity Technology Advisory. Firms advertising in this paper may hold different opinions and are not necessarily endorsing ComTech’s point of view.

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CTRM IS NOT A COMMODITY PRODUCT Ironically, software supporting commodity trading is itself highly non-commoditized. Unlike horizontal enterprise software, CTRM solutions support diverse physical and financial workflows: • crude oil scheduling, • agricultural inventory, • LNG cargo optimization, • derivatives valuation, • metals warehousing, • emissions management, • power dispatch, • logistics coordination.

• gas balancing, A power trader and a grain merchant may both claim to need “CTRM,” yet their functional requirements can be profoundly different. Consequently, vendors will price according to expected implementation

complexity, anticipated customization burden, and strategic customer fit. This alone undermines pricing standardization.

C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

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SMALL MARKET ECONOMICS MATTER The CTRM market is comparatively small – less than $2 billion pa. by our estimates and unlike CRM or ERP providers operating across millions of customers, CTRM vendors address a fairly niche population consisting primarily of: • commodity merchants and traders, • integrated energy firms, • miners and producers, • hedge funds and other financial entities, • refiners, • industrial consumers.

• utilities, Lower market scale creates economic pressure as fewer customers must fund: • product development, • commodity expertise, • regulatory maintenance, • implementation talent, • support organizations.

Therefore, per-customer economics tend to be materially higher yet many buyers underestimate this reality and compare CTRM software to enterprise productivity applications where economies of scale radically reduce pricing. Such comparisons are misleading and wrong.

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C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

VALUE-BASED PRICING DOMINATES - IN A WAY Historically, some vendors tried to price according to business value rather than development cost. If a platform supported billion-dollar trading books, prevented operational losses, enabled compliance, and improved visibility, vendors reasoned that software possessed strategic economic value far beyond ordinary IT systems. They therefore placed a premium on their software.

However, the market is and has been fiercely competitive and one where sometimes, one new deal could make or break a vendor. Therefore, discounting became common and erosion of value-based pricing rather common. Some vendors have given away software for implementation and support revenues to remain afloat.

At times, vendors have tried to move away from seatbased and modular pricing models to transaction

models where users pay based on the volume and type of transactions processed by the system. This form of

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pricing may yet gain dominance in a world where AI creates a new pricing paradigm based on usage but it hasn’t yet. Seat-based pricing models remain almost ubiquitous.

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So, in a sense, pricing is value-based. List prices are based on perceived business value but actual prices are often discounted from this for survival or revenue needs reasons.

HISTORICAL PRICING Traditionally, CTRM software was priced as a perpetual license fee with a support & maintenance agreement usually at or around 28% of that license fee annually. Other charges and fees might include a source code escrow agreement or option, implementation fees at between 50%300% of the license fee and incremental user blocks over the course of the life of the software.

This all changed with the advent of Software as a Service (SaaS), which offered software on a subscription basis.

In fact, since many CTRM solutions are not SaaS, or were never developed to be offered as SaaS, the adoption of a different pricing model across CTRM can be assumed to have originated with user desire. As they became more used to SaaS-based subscription licensing, they expected it of their CTRM solution as well.

SaaS-based pricing is typically based on an agreement that has a length of use associated with it such as oneyear, five years and so on. It sets up a subscription, based on user tiers and licensed commodity/

modules usually, charged monthly or on some other frequency. That subscription usually includes support and maintenance but will usually exclude other costs like implementation, training and so on. Depending on hosting arrangements, it may also include hosting fees or these will be separate between the user and the hoster. However, it is CTRM software we are discussing and so, often, it is not quite that simple.

The move from one pricing model to another however, has impacted both vendors and users alike and is the subject of this short white paper.

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C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

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TRADITIONAL PRICING MECHANISMS Back in the day, CTRM software was most usually sold based on a perpetual license. That license might be calculated based on numbers of users often split into read-only users and full use users.

It may also be calculated based on number of locations, commodities, modules and so on. Due to the competitive nature of CTRM software, a discount may have been offered from ‘list’ price.

Support and maintenance would also be offered on an annual basis for a fee -usually calculated as a percentage of the license fee. Usually somewhere between 20% and 30%, this covered upgrades and issue resolution.

The support and maintenance agreement would likely rise by inflation each year as well.

Enhancements, if needed, would be negotiated

separately. Implementation and training would also be incremental fees. Other items might be offered such as a source code escrow and option.

For the vendor, this usually resulted in a lumpy revenue stream. Winning new business and gaining new license fees would likely be the difference between good and bad years but as more customers got added, the

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C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

support & maintenance revenues would increase and provide a bit more predictability. Other sources of revenue might include incremental licensing for other

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modules, products, groups of users or new sites, for example. However, in the end, the customer had a perpetual license to use the software.

SOFTWARE AS A SERVICE The emergence of SaaS opened the way to a new model for pricing. Even vendors that didn’t offer SaaS, could use a subscription fee approach and many did. Some offered leasing terms on a similar basis. Gone was a right to use the software purchased forever in favor of a rental agreement essentially. At the time, many likened it to renting a car for 5-years rather than purchasing it and used the ability to handle the expense in the accounts in a different way as a reason to opt for this sort of model.

An additional incentive held out that the expense switched from CAPEX to OPEX and that the expense was spread out over the use of that software as opposed to all up front. Furthermore, the expense can be written off in the year that it is incurred. For many, this was indeed an incentive yet, if you figure with CTRM being very sticky with replacements rare, expensive and risky, you are basically going to spend much more over a tenyear period that you might with a typical old fashioned perpetual license structure. So, costs may be more but they are smoothed out over the term of use.

as a part of the usage fees. Implementation, training and enhancements are all incremental additional charges along with possibly hosting fees.

Under SaaS terms, there would be a minimum length of agreement term, a subscription fee based on tiers of users of various types and/or which commodities/ modules are made available and, usually, this included support as well granting updates and issue resolution

Moreover, the move to SaaS just essentially changes the cost structure over time. Infrastructure cost in the cloud may be reduced but implementation is still required. Furthermore, hosting costs can surprise especially if they are based on usage.

For the vendor, this helped to smooth revenues and create greater predictability. It also helped in valuation as recurring revenue is valued more than one-off revenues. For the users, it also created predictability, less of a commitment and a way out as well as an accounting treatment for the fees that they may see as favorable.

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C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

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WHAT ACTUALLY DRIVES CTRM PRICING? A number of factors influence pricing of E/CTRM software solutions. Chief among them perhaps is commodity coverage. A single commodity solution is far less complex to build and maintain than one that caters for multiple commodities. However, some commodities are more complex than others and each commodity has its own supply chain, models, workflows and so on. So, in essence, its not just commodity coverage but depth and width of coverage as well. Is the entire supply chain covered? How much of that coverage is specific versus generic? And so on.

Geography can also massively increase complexity so which regions are covered also matters.

These days, some CTRM solutions are designed to cover a specific geography and set of commodities at a certain level of complexity while others are all singing, all dancing behemoths that will cater for all commodities and almost any quirk along the supply chain. The

degree of unique specialisation required to more closely support regional requirements and variations in business processes add cost and complexity of support. Unsuprisingly therefore, pricing for a much more complex and detailed solution versus something

C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

more simplistic are going to be very different.

Another area of cost for the buyer is integration into the buyers environment. Each point of integration adds complexity and cost. Implementation complexity also increases with scope – commodity coverage, geographic coverage, breadth and depth of functionality and number of integration points and data to convert can all add additional cost. Training needs also grow with increased complexity. Moreover, sometimes a systems integrator or third-party consulting firm is used to help with an implementation adding further costs.

So, the TCO of the software is not just the license or

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subscription but all of the other costs associated with implementing a mission critical complex software solution into the heart of your enterprise including integration, data conversion, training, enhancements, hosting and more.

Finally – need to add some functionality? Enhancements can also be expensive especially if deemed to be custom for a specific user. If the customisation or enhancement is more of a co-development of additional needed functionality, then cost may be negotiated in favour of expertise.

WHY PRICES VARY Subscription fees and other costs can vary greatly from vendor to vendor and instance to instance.

Most often, SaaS solutions – especially multi-tenanted solutions – are often significantly cheaper than multi-commodity, enterprise solutions, which can be rather expensive. The reasons for such price variation is of course related to the degree to which the solution is standardised and how much complexity is catered for through things like customisable workflow and presentation. In general, multi-tennanted solutions will cater for more standardised transactions – often financial as opposed to complex physical deals- and will lack a lot of configurability around things like pricing mechanisms, and reporting, for example. Flexibility has a price and that price can be rather high!

Unlike other software categories, CTRM/CM solutions do not come in standard/default or benchmark packages like say an accounting solution. It is this variability and complexity that allows so many products to exist and survive. It is also the reason why there is no standard pricing and pricing can be so variable.

Essentially, comparing a multi tennanted SaaS solution to an all-singing, all dancing complex commodity management solution for multiple commodities in multiple geographies is simply an unfair comparison.

Not only is the subscription fee less but the costs of implementation, support, training and so on are also

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C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

massively different as well. Here at ComTech we might use a 20% add on to estimate the implementation costs of a niche multi-tennanted SaaS solution whereas for a complex global multi-commodity implementation it could well be 500% or more of the subscription cost.

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Indeed, some years ago, CommodityPoint research showed that implementation costs were between 50% and 500% of license costs depending on the nature of the CTRM being implemented.

COMPETITION AND PRICE EROSION Every year, ComTech conducts a market sizing exercise to some level of detail. That report not only discusses market size but also trends that are driving demand by region and by commodity.

While we have seen the E/CTRM software market grow tremendously in terms of numbers of potential buyers across the globe, the actual monetary value hasn’t kept pace. We view this as due to two factors – price erosion and the switch to subscription pricing.

C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

What drives price erosion is competition. The E/ CTRM software market isn’t homogeneous but rather comprises a set of overlapping heterogeneous software markets. For example, there are markets for power & gas systems, for power systems, for coal and bulk fuel systems, for various agricultural and soft commodities and for liquid hydrocarbons, emissions and so on.

These markets evolve at different rates from each other and include vendor products that maybe unique to a category, commodity or geography. This is why there remain over 100 CTRM solutions on the market (though many are niche or restricted in some way).

New entrants emerge often and a few older solutions die off yet overall, the effect is to ensure competition.

(For those interested in more information regarding the evolution of E/CTRM software markets – please see Reames & Vasey 2023).

The effect of there being many potential solution providers and solutions in particular markets is to increase competition and erode price. The vendor may decide to ‘buy’ the business by offering a deep discount or throwing in extras thus distorting the pricing on the deal to gain a customer in a specific geography, commodity or add some much-needed functionality. Other vendors may follow suit and engage

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in a price war. While this sort of price war may occur only occasionally, it does impact pricing and market sizing. Discounting might take a different form such as offering free enhancements in return for help defining them, additional users for free, free training and so on.

Of course, competition isn’t equal in all markets. While areas like European power or global oil might be very competitive, more obscure commodities like say emissions or rice might be limited to a specific vendor and product who can then ask a premium. An all singing, all dancing high end solution may also carry a premium.

The wide range of E/CTRM and CM products available from vendors that could be very small and privately held start-ups to major global firms means that there is no standard pricing and that any deal can be negotiated with steep discounts. Additionally, as there are so many products and vendors there is a low ratio of transactions to vendors by comparison with other software categories such that competition and discounting can be fierce.

These specific characteristics found in CTRM software markets is partly behind the variability in pricing and TCO that exists in those markets and need to be considered by buyers.

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C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

HOW DOES IT REALLY WORK? While researching for this paper, we interviewed almost all the major vendors and a few others besides. That is the basis for the following assessment. What we discovered was that almost all vendors are now using some form of user-tiered subscription fee model. They may add complexity by adding fees for modules, locations, commodities and so on but the fundamental is how many users are using the software and are they read-only or full use named users.

Other items like term of contract and specifics around adding or deleting users pose some variation. Some vendors prefer longer-term contractual commitments – others allow more flexibility and use this is a competitive incentive. Support, implementation and enhancements are all incremental additional costs calculated on a

more traditional basis. Hosting fees should also be considered as these may be based on infrastructure usage and could hide a sharp surprise.

Almost all vendors will offer discounts and incentives – but not always. If the vendor is keen to gain the account

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C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

or keen to extend its footprint or installed base in a geography or segment, it will likely discount. It is still a very competitive market in most niches.

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In the end, once a customer has started to use a solution, it remains very difficult and quite costly to switch. It is still a sticky space.

USER AND THIRD-PARTY PERSPECTIVES Although we did run a short survey for users and consultants to add their views, we were unsuccessful in getting sufficient responses. However, the responses we did get (ten) do offer a few insights.

For example, 90% of the respondents felt that they obtained value for money from their CTRM selection and implementation. 40% of them said the vendor discounted or offered incentives to win the business showing that it is indeed still a competitive business.

We suspect, discounting is more usual than unusual based on our constant communications across the industry. About half said the vendor quoted a price and stuck to it while 40% said the price went up slightly over the quoted amount and 10% said it was less. All thought the price variation – if there – was acceptable.

Of those that answered, 80% acquired a term or subscription license for their CTRM. Only 10% went with a traditional perpetual license and 10% decided to build internally. There was an even split of vendor hosted, customer managed and third-party hosted implementations and all decisions were made under competitive tender conditions. In terms of commitment, two were perpetual, two were for five years or more,

four were for three years and one was for two years.

Three said pricing played a significant factor in their decision, one said it acquired the cheapest and the rest said price was a secondary factor.

In two instances, implementation was included in the subscription or license fee while half claimed that implementation cost more than 50% of the license/ subscription fee total (this is at the lower end of the scale in our view but is more usual than higher implementation costs). 70% said that support was included and 90% said training was included in the fee.

These are interesting data points and it is a shame that users wont complete surveys like this to aid researchers and analysts like us in understanding the reality of subjects like this in the CTRM sector. Nevertheless, the results show that the move to subscription fees is almost complete for CTRM software and that these fees often include support and maintenance and training.

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C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

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SUMMARY & CONCLUSIONS This paper examined how pricing for Commodity/Energy Trading and Risk Management (C/ETRM) software has evolved from traditional perpetual licensing to subscription-based (SaaS) models.

It argued that while subscription pricing has changed how organizations pay for software, it has not fundamentally reduced the total cost of ownership (TCO). Instead, costs have shifted over time, with implementation, integration, training, infrastructure, and organizational change often representing a much larger share of project expenses than the software license or subscription itself. The paper emphasized that there is no standard price for CTRM software because costs depend heavily on implementation scope, commodity coverage, customization requirements, geography, and vendor strategy.

A key theme is that CTRM software is a highly specialized enterprise solution rather than a commodity product. Different industries—such as oil and gas, power, metals, agriculture, and financial trading— have unique workflows and operational requirements, making standardized pricing impractical. Combined with the relatively small size of the global CTRM market, vendors must recover development, support, regulatory, and implementation costs across a limited customer base, resulting in higher per-customer pricing than users may expect when comparing CTRM software with mainstream enterprise applications.

The paper reviewed the historical perpetual licensing model, where customers paid an upfront license fee plus annual maintenance, implementation services, training, and optional enhancements. As cloud computing and SaaS became more popular, vendors increasingly adopted subscription pricing based primarily on user numbers, modules, commodities, or contract duration.

Subscription pricing offers customers predictable operational expenditure and lower upfront costs while

providing vendors with stable recurring revenue and improved business valuation. However, ComTech notes that organizations using CTRM systems for many years may ultimately spend more under subscription arrangements than under traditional perpetual licensing.

The paper also identified the major factors that drive CTRM pricing. These include the number and complexity of commodities supported, geographic coverage, implementation scope, data migration, system integrations, customization requirements, hosting arrangements, and ongoing enhancements.

Enterprise-wide, multi-commodity solutions typically require significantly higher investment than standardized multi-tenant SaaS offerings. The author argues that implementation costs frequently exceed software licensing costs and may range from modest percentages for simple SaaS deployments to several times the subscription cost for large global implementations.

Vendor interviews revealed that most providers

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C/ETRM Pricing - Considerations with the Transition to Subscription-based Pricing.

now rely on user-tiered subscription pricing, often supplemented by charges for modules, locations, commodities, or additional services. Implementation, customization, hosting, and enhancements generally remain separate charges. Pricing is also influenced by competitive pressures, with vendors commonly offering discounts to win strategic customers or expand into new markets. Once implemented, however, CTRM systems are difficult and expensive to replace, making customer retention an important feature of the market.

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user survey. Although the sample size was limited, the responses suggest that subscription licensing has become the dominant commercial model. Most respondents believed they received good value for money, many reported receiving vendor discounts, and implementation costs often represented a substantial portion of the overall project budget. The results reinforce the paper’s central conclusion that buyers should evaluate CTRM investments based on total lifecycle costs rather than focusing primarily on software license or subscription fees.

Finally, the paper presented findings from a small

Key takeaways • CTRM software pricing is highly variable and depends on project complexity rather than a fixed market price.

• Subscription (SaaS) licensing has largely replaced perpetual licensing but shifts costs rather than eliminating them.

• Total cost of ownership is driven more by implementation, integration, training, infrastructure, and change management than by software licensing alone.

• Enterprise, multi-commodity CTRM platforms are substantially more expensive than standardized SaaS solutions because of their greater flexibility and complexity.

• Organizations should assess CTRM projects using lifecycle economics instead of negotiating only the software price.

• E/CTRM remains highly competitive for many commodities and geographies and this is holding subscription fees down and may even be eroding them over time.

CTRM Software – An Analyst View of a Dynamic Software Market, Patrick Reames & Gary M. Vasey. 2023. https://www.amazon.com/CTRM-Software-Analyst-Dynamic-Market/dp/B0BXN8R6Q8 i

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ABOUT Commodity Technology Advisory Commodity Technology Advisory (ComTech Advisory) is the leading analyst organization covering the Energy and Commodity Trading and Risk Management (E/CTRM) and Energy Transition technology markets. Led by Dr. Gary M. Vasey, along with affiliate analysts Dr. Irina Reitgruber and Kevin Mossop, ComTech Advisory provides invaluable insights, backed by primary research and decades of experience, into the issues and trends affecting both the users and providers of the applications and services that are crucial for success in markets constantly roiled by globalization, regulation and innovation.

For more information, please visit:

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