Reval, a New York-based provider of web-based platform that supports derivative risk management, has acquired FXpress, a treasury software provider.
Reportedly, FXpress will remain operational under the name of Reval in Bala Cynwyd, Pennsylvania. Its product FIRST, automates core treasury processes. Recently, FXpress has developed a new intercompany lending tool to improve loan management, bank account oversight, and sophisticated financial exposure management and hedge analysis functionality.
Reval has said that with this acquisition clients will benifit from its global community of users on its single-version Software as a Service (SaaS)/web-based platform. Reportedly, it can now support 350 clients and affiliates located in seven countries in North America, EMEA and APAC.
Robert Richardson, CEO and co-founder of FXpress, will remain with the company as a senior vice president with responsibility for managing operations in Bala Cynwyd.
Jiro Okochi, CEO and co-founder, Reval, said: “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.”
