In addition to the benefits of eliminating spreadsheet use for derivative management, a wave of FAS 133 restatements and the need to meet similar stringent requirements under IAS 39 internationally and for CICA 3865 in Canada have boosted Revalâs sales and grown its client base to over 120 companies internationally.
âAs a result of Big 4 accounting firm scrutiny, with over 250 FAS 133 related restatements and attention from the SEC, companies are scrambling to re-complyâ said Jiro Okochi, CEO and Co-founder of Reval. âFortunately we are the only game in town that can address interest rate, foreign exchange and commodities risk all on a fully integrated web platformâ.
Reval also launched two outsourced services in 2006. HedgeRx Plusâ¢ is the outsourced version of HedgeRx where Revalâs team provides the hedge accounting reporting for the client without the need to access the system and Reval Centerâ¢, an independent valuations service specializing in valuing complex instruments.
The company is planning to aggressively expand its international presence as well as to add new instruments and modules. A new version of HedgeRx is also being released in April of 2007.