NEW YORK - October 21, 2002 - Reval, a provider of financial risk management and compliance solutions and services, announced today that in the third quarter of 2002 the company increased total committed contract value by 50% and tripled the revenue generated in the same period last year. Reval added six new clients in what is typically a slow quarter for software companies.
Reval accelerated sales of its leading web-based derivative hedging management solutions to companies ranging from Hollister Incorporated, a manufacturer of quality healthcare products and patient information systems, to Fortune 5 General Motors Corporation, the world's largest vehicle manufacturer. "We have found Reval to be a great tool that meets our internal and external accounting needs and will provide useful information for Treasury. Reval helped us overcome the challenge of preparing FAS 133 documentation and running mark to market valuations," said Sheila Johnson, Assistant Treasurer of Hollister.
Clients utilize Reval's services to centralize and integrate risk management and reporting of derivative portfolios hedging interest rate, foreign exchange, and commodities risks. Reval's clients benefit from enhanced hedging flexibility, reduced compliance risk, and lower operating costs. "We are very pleased with our accelerating traction despite the generally depressed IT spending" said Jiro Okochi, Co-founder and CEO of Reval. "In this environment, financial risk management and regulatory compliance are essential and more companies are recognizing both Reval's superior software and the scalability and efficiency of our ASP platform."
While Reval offers its HedgeRx software solutions on either a client-hosted model or Reval-hosted application service provider (ASP) model, all of its new clients selected the ASP model. Reval's ASP solution can be deployed immediately to generate return on investment for clients because it already has integrated market data, tested pricing models and industry leading tools to comply with the complex derivative accounting requirements (FAS 133 and IAS 39). Most alternative financial management software requires time-consuming customization and implementation services that can cost as much as the software license itself and delay operational deployment.
In addition to adding to its corporate treasury client base, Reval increased its services to existing clients like Delaware Investments who added additional users and locations in extending its subscription agreement for two additional years. Reval added significant commodities functionality in co-development with General Motors. Moreover, Reval established its first private label distribution agreement under the Private Reval label with Raymond James Capital Services, who began to market a version of Reval's services to interest rate swap clients. Reval also signed its first outsourcing customer under the RxSourceTM program, where Reval operations staff performs valuation and FAS 133 reporting for the client.
"In addition to the clear financial benefits of commitments from new and existing Reval clients," said Dino Ewing, Reval's CFO, "I am encouraged by the leveraging of our intellectual and technology assets through the Private Reval distribution program and the RxSource outsourcing product. They greatly increase our reach and growth potential."
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