The Beginning

We founded AEGIS in September 2013 with a simple yet powerful idea: oil and gas producers need an experienced partner to craft hedging strategies and engage sophisticated counterparties in hedge negotiations. Armed with years of experience, a 150-square-foot office, and a printer perched atop its original box, Chris Croom and Justin McCrann got to work.

Early on, a small but dedicated group of customers came along for the journey. Relationships were built, counterparties were engaged, and word of mouth helped grow the business. By 2017, we were named Global Hedge Advisor of the Year for the first time.

Adding Technology

As the business continued to grow, we recognized the need to scale. In 2018, with a team of just 10 people and a few dozen customers, we released the first version of our proprietary software—a tool designed to do the things legacy CTRM systems don’t do well – with an easy-to-use interface.

Initially simple, the software quickly became a game-changer, incorporating workflows, analytics, and research as it evolved, thanks to invaluable customer feedback. Our growth accelerated as the technology developed and the oil and gas markets became increasingly volatile. In 2020, when COVID hit, we solidified our leadership as hedging kept its customers afloat. We saw an opportunity in the COVID uncertainty and acquired Nexidus Commodities (metals) and Risked Revenue (oil & gas) to close out 2020. We had not intended to own a CTRM; however, given the legacy CTRMs we partnered with were slow and holding back the development of our technology, we acquired Instanext, a modern SaaS-first CTRM, in early 2021. This acquisition fully integrated our technology stack and accelerated the deployment of new capabilities.

Launching the First Hedging Marketplace

We were determined to modernize hedging and took a critical step to file for registration as a Swap Execution Facility with the Commodity Futures Trading Commission—an effort ultimately successful in 2022. This made AEGIS Markets the only bilateral marketplace dedicated to hedging and brought hedging transactions online. It revolutionized an industry that had long been operating through chats and emails, offering a modern marketplace for transactions, automation, and insightful analytics.

We acquired and integrated the hedging business of ARM Energy in 2023 and onboarded hundreds of companies and financial counterparties to AEGIS Markets – lengthening our lead in hedging.

Adding Physical Marketing

To open 2024, we made our most ambitious move to date by acquiring Ancova Energy and entering physical marketing for oil & gas. After carefully studying the physical space, we wanted to enter with a well-established team, an unconflicted model, and a technology edge. Ancova’s deeply experienced team, strong customer base, agent-based model, and technology that became the foundation for Contract Management and Revenue Capture made it the perfect fit.

We integrated Ancova and built the foundation for Revenue Intelligence throughout 2024. Our people and software were aligned, AI was introduced, data was organized, and customers weighed in. Along the way, we earned our 8th consecutive Global Hedge Advisor of the Year title and were awarded the OTC Trading Platform of the Year award, surpassing some of the largest names in the trading world.

Delivering Revenue Intelligence

By 2025, we saw an opportunity to address the challenges commodity producers have managing revenue. Hedging and physical marketing were a good start. Still, producers also needed help understanding and organizing contracts, capturing revenue from all its various sources, ensuring that revenue is accurate, and consolidating it on a single platform. We called 2025 the Year of Revenue Intelligence and went to work.

We started with the data, because that is where the problem actually lives. Using AI, we took in nearly 600,000 revenue statements across more than 40,000 unique meters and mapped them to thousands of physical contracts, then combined that with world-class physical trade capture. Customers could finally see realized natural gas and NGL economics at scale, without the manual work of normalizing and reconciling data across midstream providers and trading partners. That foundation made Revenue Validation possible. Customers now validate revenue against contract terms in real time and catch discrepancies as they happen.

The hedging side scaled right alongside it. In December 2025, AEGIS Markets passed 2,000,000 executed contracts across 38 dealers, the equivalent of 2 billion barrels of crude oil hedged. The first million took 26 months. The second took 13. Dealer Insights Pro gave counterparties objective feedback on their trading outcomes, and producers gained a clear view of counterparty performance. A more transparent, more efficient marketplace, which is exactly what we set out to build when we filed with the CFTC.

In 2026, we went deeper, moving from assembling and validating data to generating decision-grade insight. Deconstructing weighted average sales prices to reveal hedgeable exposures. Tracking actual NGL production and the revenue risk that comes with it. Benchmarking contract terms against objective market norms. Our roadmap links wells to meters to contracts to indexes to markets to production to counterparties to hedges to netbacks and puts well-level economics in front of customers through a GIS-driven interface. Less time gathering information. More time acting on it.

Along the way, we earned our 10th consecutive Hedge Advisory Firm of the Year title and a third straight OTC Trading Platform of the Year. When we say, "we do things others won't," we mean making bold moves like acquisitions, software rollouts, marketplace introductions, hiring top-tier talent, and always asking what else we can do, so that our customers have access to the best capabilities available.

Goldman Sachs Alternatives

In July 2026, Private Equity at Goldman Sachs Alternatives acquired AEGIS, succeeding Greenbelt Capital Partners and Baird Capital as our institutional investment partner.

For our customers, the answer to “what changes?” is the same one we have given at every step of this story: the things you rely on don’t. Same leadership team. Same people. Same customer relationships. Same technology platform. Same commitment to market integrity across every one of our businesses.

What changes is pace. This investment accelerates what we were already building: deeper commodity-focused advisory capabilities, a stronger technology platform, real investment in artificial intelligence and proprietary data, and continued expansion of our regulated market infrastructure. Commodity markets have not gotten simpler, and our customers deserve to move faster than the volatility does.

We chose a partner who understood the business we have actually built, not the one that is easy to explain on a slide. Private Equity at Goldman Sachs Alternatives has invested over $75 billion since 1986. They are backing the same thing our customers back: an unconflicted model, purpose-built technology, and people who know these markets.

Thirteen years ago, this was two people, a 150-square-foot office, and a printer on a box. We have come a long way from our humble beginnings. Today we have nearly 100 colleagues and serve 700 commodity producers and consumers, capital providers, and financial counterparties across North America. We have said all along that this story is still in its very early chapters. We meant it. This is the next one, and we are excited to keep writing.