As corporate treasuries put more effort into tracking and managing financial risks, two leading providers of financial risk management software for treasuries are combining forces. New York-based Reval, which helps companies manage derivatives and hedge accounting, in late August announced its acquisition of FXpress Corp., a Bala Cynwyd, Pa.-based company whose FIRST software helps treasuries manage cash, exposures and derivatives.

The combined company will go by the name Reval.

Jiro Okochi, CEO and co-founder of Reval, says the deal means that Reval now has close to 375 customers, up from about 260 before the transaction. "We're going to take the best of FIRST, the best of Reval and put it on a platform that we're planning to build," Okochi says.

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Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.

Technology