Reval announced today that it has acquired FXpress Corporation, a leading treasury software provider to the Fortune 1000.
The acquisition solidifies Reval's position as the leader in global derivative risk management and hedge accounting software solutions and services for corporate end-users of interest rate, foreign exchange, commodity and credit derivatives. Additionally, Reval closed $16 million in venture capital funding from North Bridge Venture Partners and Commonwealth Capital Ventures bringing funding from both venture capital firms to $44 million.
FXpress, founded in 1993, will remain operational under the name of Reval in Bala Cynwyd, Pennsylvania. Its flagship product, FIRSTTM, automates core treasury processes, enabling the management of financial exposures and hedges through an efficient workflow. Most recently, FXpress developed a new intercompany lending tool to improve loan management, bank account oversight, and increasingly sophisticated financial exposure management and hedge analysis functionality.
"We're thrilled to be joining forces with the team at FXpress as our combined talents in derivatives, accounting and technology will offer unparalleled domain expertise and support to companies valuing and accounting for derivatives used to hedge business risk. The acquisition really will result in a one plus one is greater than three scenario, exceeding global standards for the more than 350 clients of our combined companies who can now leverage the best of the best software solutions and services in the industry," says Reval CEO and Co-founder Jiro Okochi.
Clients will benefit from leveraging best practices from Reval's global community of users on its single-version Software as a Service (SaaS)/Web-based platform. With its acquisition of FXpress, Reval will now support 350 clients with 200 employees and affiliates located in seven countries in North America, EMEA and APAC.
"I am personally very excited about the synergies this combination will create for our clients," says FXpress CEO and Co-founder Robert Richardson. "Between the two companies, we have the best programmers, financial engineers, and accounting and business professionals who know this market better than anybody." Richardson will remain with the company as a Senior Vice President with responsibility for managing operations in Bala Cynwyd.