MySky Signs Strategic Agreement with S&P Global Platts to Provide Private Aviation Stakeholders with Industry-Leading Data

Rhea-AI Summary

MySky has entered a strategic partnership with S&P Global Platts to enhance its AI-powered spend management platform for the private aviation industry. This agreement allows MySky clients access to S&P Global Platts' jet fuel price assessments, improving their benchmarking tools for fuel costs. MySky reported a 60% growth in Q1 2020, reflecting heightened demand for financial management tools amidst economic uncertainty. The partnership aims to promote transparency and support smarter financial decision-making for stakeholders, bolstering MySky's position in the market.

Positive

• Strategic partnership with S&P Global Platts enhances MySky’s platform.
• Access to comprehensive jet fuel price assessments benefits MySky users.
• 60% growth reported in Q1 2020 indicates strong market demand.

Negative

• None.

NEW YORK, June 30, 2020 /PRNewswire/ -- MySky, the only AI-powered spend management platform designed to bring order to the private aviation industry, today announced a strategic agreement with S&P Global Platts, the leading independent provider of information, benchmark prices and analytics for the energy and commodities markets. Under the terms of the agreement MySky clients will be able access S&P Global Platts' comprehensive database of global jet fuel price assessments, in an effort to construct the most precise benchmarking tool on fuel costs for private aviation owners, operators and consultants. This new capability will enhance MySky's existing platform, making it the most reliable source of information available.

The MySky platform brings financial transparency to the industry for the first time, providing users with proprietary IT tools that automate essential tasks including data administration, benchmarking, budgeting, and reporting. Already backed by 15 million data points, the spend management platform's database will expand exponentially as a result of this partnership. In turn, MySky users will have increased control and visibility into how their money is being spent, empowering them to make smarter financial decisions. Additionally, the inclusion of S&P Global Platts jet fuel price assessment data will help establish a more fair and dynamic competitive landscape for industry suppliers, allowing them to accurately benchmark fuel costs.

"At MySky, it is our mission to equip our clients with the state-of-the-art tools to effectively and efficiently manage the costs of their assets," said Kirill Kim, co-founder and CEO of MySky. "Our agreement with S&P Global Platts brings a new level of transparency to the private aviation industry, strengthening our database so that we can provide our customers with the information they need to achieve long-term financial success and drive the industry forward."

Amidst current global uncertainty, owners, operators and consultants are showing a heightened interest in spend management tools like MySky to help ensure financial stability and success for the future. Today's economic climate, paired with a long-time lack of financial order, has made it even more critical for MySky to continue enhancing its capabilities.

"The essential intelligence from S&P Global Platts has helped drive innovation across numerous energy and commodities industries, and we are excited to work with MySky to bring these same capabilities to private aviation to make a long-lasting and positive impact on the industry," said Silvina Aldeco-Martinez, Head of Product Management, S&P Global Platts.

Operating across Europe, the Americas and the CIS region, MySky reported 60% growth in the first quarter of 2020. Its unique position as an independent, third-party player has established it as a trusted partner for all industry stakeholders.

To learn more about MySky, visit https://mysky.com/.

About MySky 
MySky is the only spend management platform developed for the private aviation industry. Using AI, optical character recognition, and machine learning, MySky brings standardization and transparency to an unregulated industry. The platform, a proprietary financial management solution, helps to decrease costs and optimize time for private jet owners, operators and consultants. Active for more than 5 years and servicing more than 350 aircraft worldwide, MySky operates as an independent, third-party player and offers the largest cost database in the industry. The company is headquartered in Switzerland and is active in Europe, the Americas and the CIS. For more information, please visit https://mysky.com/.

About S&P Global Platts 
At S&P Global Platts, we provide the insights; you make better informed trading and business decisions with confidence. We're the leading independent provider of information and benchmark prices for the commodities and energy markets. Customers in over 150 countries look to our expertise in news, pricing and analytics to deliver greater transparency and efficiency to markets. S&P Global Platts coverage includes oil and gas, power, petrochemicals, metals, agriculture and shipping. S&P Global Platts is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit https://www.spglobal.com/platts/en .

Contact: Michael Padovano, mysky@5wpr.com 

 

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SOURCE MySky

FAQ

What is the significance of MySky's partnership with S&P Global Platts for SPGI?

The partnership enhances MySky's spend management platform by providing access to S&P Global Platts' jet fuel price assessments, improving cost benchmarking for the private aviation industry.

When was the partnership between MySky and S&P Global Platts announced?

The partnership was announced on June 30, 2020.

How much growth did MySky report in Q1 2020?

MySky reported a 60% growth in the first quarter of 2020.

How will the new capabilities from S&P Global Platts impact MySky users?

The new capabilities will provide MySky users with greater control and transparency over their spending, aiding in smarter financial decisions.