Reval.com Inc. has announced its purchase of the treasury software provider FXpress Corp.
Reval, a New York provider of a Web-based derivative risk management platform, said Wednesday that FXpress would adopt the Reval name but continue to operate from its Bala-Cynwyd, Pa., headquarters. FXpress sells a product for automating core treasury processes as well as an intercompany lending tool to help manage companies' financial exposure.
Reval would not say how much it paid for FXpress. The deal closed Aug. 21.
"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," Jiro Okochi, Reval's co-founder and chief executive, said in a press release.
Reval also said it closed $16 million in funding from North Bridge Venture Partners and Commonwealth Capital Ventures. To date, the firms have provided $44 million in funding to Reval.