"Risk is very much front and center for corporates across the globe," Murchie says. "There are so many challenges with managing different interest rates, getting visibility into liquidity around the world and being able to identify where any exposures might be, as well as hedging. The combination of these two firms will clearly create an industry-leading offering to corporate treasuries to meet that need for the increased focus and emphasis on risk management."

Reval has mapped out a painstaking approach to the project of creating a single platform, Okochi says, and plans to start by spending about six months canvassing clients about what features they would like to see.

"We'd rather do it right than fast, that's our main goal," he says, and notes that since both Reval and FXpress' products are hosted applications, "we can work behind the scenes from the technology perspective to get it right."

"We both have years of experience developing products geared toward risk management, derivatives pricing and hedge accounting," Okochi adds. "So we have all the functionality that's available."

Both Reval and FXpress have alliances with other treasury software providers. For example, Reval has worked with Wall Street Systems and FXpress has a partnership with Kyriba. Okochi said he does not expect the acquisition to disrupt any of those relationships.

The exact terms of the transaction were not disclosed. The former FXpress operations will remain in Bala Cynwyd. Bob Richardson, FXpress's CEO, will serve as senior vice president of the combined company and run the Bala Cynwyd operations.