Reval, a New York-based provider of treasury and risk management solutions, announced Thursday that it has agreed to be acquired by Ion Investment Group.
No details were disclosed about the transaction, which is expected to close in coming weeks.
London-based Ion already owns a number of treasury management products, including Wall Street Systems, which it purchased in 2011, City Financials, IT2 and Treasura.
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Reval's software-as-a-service product is used by more than 650 companies, just over half of them located in North America.
Reval's CEO, Jiro Okochi, said the deal will give Reval "a much bigger global stage." He noted that Ion has more than 30 offices around the world, while Reval has 13.
Once the deal closes, Okochi will oversee three of Ion's other treasury management systems — City Financials, IT2 and Treasura – in addition to Reval.. He said he will work to ensure that "it's clear to the marketplace what these brands have to offer."
Okochi will not oversee Wall Street Systems; he noted that that product, typically used by large financial institutions and large corporates, has a very clear brand in the market.
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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.
