FXpress, founded in 1993, will remain operational under the name of Reval in Bala Cynwyd, Pennsylvania. Its flagship product, FIRST, automates core treasury processes, enabling the management of financial exposures and hedges through an efficient workflow. Most recently, FXpress developed a new intercompany lending tool to improve loan management, bank account oversight, and increasingly sophisticated financial exposure management and hedge analysis functionality.
âWeâre 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. The acquisition really will result in a one plus one is greater than three scenario, exceeding global standards for the more than 350 clients of our combined companies who can now leverage the best of the best software solutions and services in the industry,â says Reval CEO and Co-founder Jiro Okochi.
Clients will benefit from leveraging best practices from Revalâs global community of users on its single-version Software as a Service (SaaS)/Web-based platform. With its acquisition of FXpress, Reval will now support 350 clients with 200 employees and affiliates located in seven countries in North America, EMEA and APAC.
âI am personally very excited about the synergies this combination will create for our clients,â says FXpress CEO and Co-founder Robert Richardson. âBetween the two companies, we have the best programmers, financial engineers, and accounting and business professionals who know this market better than anybody.â Richardson will remain with the company as a Senior Vice President with responsibility for managing operations in Bala Cynwyd.
Reval addresses complex business, valuation, and accounting requirements for derivative management for interest rates, foreign exchange and commodities for the front, middle and back office. Its software solutions and services help companies implement better approaches to effectiveness testing under stringent accounting rules such as FAS 133, IAS 39 and CICA 3865 so they can gain control of operational risk and avoid financial restatements and other regulatory pitfalls. Its easy-to-deploy Software-as-a-Service has cutting-edge security, stringent controls and SAS 70 Type II certification.