Reval, a New York-based provider of derivative risk management and hedge accounting services has acquired FXpress Corporation, a treasury software provider that helps companies manage their financial exposures and hedges more efficiently.
FXpress, founded in 1993, will remain operational under the name of Reval in Bala Cynwyd, Pennsylvania. The combined entity will have around 350 clients with 200 employees and affiliates located in seven countries in North America, EMEA and Asia Pacific.
Jiro Okochi, chief executive officer of Reval says combining the two companies will create greater scale.
Robert Richardson, chief executive officer for FXpress says: “Between the two companies, we have the best programmers, financial engineers, and accounting and business professionals who know this market better than anybody.”
Richardson, who cofounded FXpress, will remain with the company as a senior vice president with responsibility for managing operations in Bala Cynwyd.
Terms were not disclosed, but Reval said that it had closed $16 million in venture capital funding from North Bridge Venture Partners and Commonwealth Capital Ventures bringing funding from both venture capital firms to $44 million.
