Reval, a global leader in financial risk management solutions and services, today announced that it nearly doubled its growth with 95% in new bookings with 44 new clients added in 2007. Reval now boasts a total of over 160 global clients. The impressive growth was spurred by corporations and banks. These institutions need to replace spreadsheets handling derivatives with the recent increased scrutiny on derivatives accounting by the SEC and Big 4 accounting firms. Volatile commodities markets were also seen as a key factor, as manufacturersâ systems requirements were increased around hedging their core business risks.
âI am very pleased that we were able to help all of our clients navigate through these challenging times in the financial markets with our services,â said Jiro Okochi, Revalâs CEO and Co-founder. âWe look forward to having an equally successful 2008,â continued Okochi.
In addition to the record growth, Reval completed its 25th seamless upgrade of its flagship derivative risk management solution HedgeRxÂ®, with the release of a new FAS 157 module at the end of 2007. Reval also opened up its office in Sydney, Australia where it will lead its efforts to enter the Asia Pacific markets.