NEW YORK CITY (February 7, 2005) - - Reval, a provider of financial risk management technology solutions and services today announced that, as a result of recent success in marketing to European corporations, it has opened an office in London and will more aggressively market its services internationally. In 2004, Reval added several companies listed on the FTSE 100 to its rapidly expanding base of over 50 clients who manage their derivative hedging portfolios using Revalâs hosted software solution.
"We are very excited about our expansion plans into Europe and look forward to leveraging our expertise in hedging and IAS 39 for this market" said Jiro Okochi, CEO. "While the beauty of our ASP technology is that we can deliver the data and software from a single location to a user anywhere in the world with access to a web browser, we believe that it is important to have personal interaction with our clients to continue to provide a high level of service."
Headquartered in New York City, the company has seen marked international interest in its derivative hedging management services, largely due to the recent changes in international accounting rules requiring stringent accounting for derivative instruments. Effective January 1, 2005, International Accounting Standard (IAS) 39 requires that companies using derivative instruments provide detailed accounting on the financial statements. The international analog of FAS 133 in the U.S., IAS 39 requires objective market valuations, detailed analysis, and complex reporting of derivative portfolios. Corporations using spreadsheet-based tracking and bank-supplied market values are looking at Reval to provide a centralized, easy-to-implement solution.
Revalâs London office is headed by European Sales Director Peter Reynolds, a former sales executive for Thomson Financial and HSBC. "Revalâs proven success solving FAS 133 for U.S. corporations translates very well into Europe and IAS 39," says Mr. Reynolds. "My experience with delivering financial information and services in Europe confirms that companies want the best solution-- with current technology, that can now be delivered from anywhere."