Reval Acquires FXpress Corporation
Combines Best SaaS for Corporate End-Users of Derivatives
New York, August 26, 2009 – 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. Madison Park Group acted as investment banking advisor to Reval.
FXpress, founded in 1993, will remain operational under the name of Reval in Bala Cynwyd, Pennsylvania. Its flagship product, FIRST™, 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.
Reval addresses complex business, valuation, and accounting requirements for derivative management for interest rates, foreign exchange and commodities for the front, middle and back office. Its software solutions and services help companies implement better approaches to effectiveness testing under stringent accounting rules such as FAS 133, IAS 39 and CICA 3865 so they can gain control of operational risk and avoid financial restatements and other regulatory pitfalls. Its easy-to-deploy Software-as-a-Service has cutting-edge security, stringent controls and SAS 70 Type II certification.
About FXpress Corporation
FXpress simplifies and automates core treasury processes. FIRST™ treasury software, the company’s product offering, enables the management of cash, exposures, derivatives and hedge accounting for FASB and IAS compliance via Software-as-a-Service deployment. Founded in 1993, FXpress Corporation is located in Bala Cynwyd, Pa.
Reval® provides financial and accounting professionals with an award-winning Web-based platform that supports derivative risk management. This Software-as-a-Service addresses the need for derivatives to comply with international regulations, such as FAS 133, FAS 157, Sarbanes-Oxley, IAS 39 and IFRS 7. The world’s leading corporations, financial institutions, and accounting firms rely on Reval to provide independent valuations of derivative transactions and to assist with the hedge accounting of foreign exchange, interest rates, energy, credit, commodities, and other asset classes. Reval uses its expert teams comprising financial engineers, accounting professionals, and technologists to deliver its critically acclaimed services and products, which integrate easily with treasury management and ERP systems and deploy rapidly. Founded in 1999, Reval has headquarters in New York and regional centers based in Chicago, San Francisco, Toronto, London, Sydney, Hong Kong, and Gurgaon.