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Reval acquires ecofinance, a leading TMS provider in Central Europe
19 January 2011 • Source:
Widely recognised as a premier provider of a single-version Software-as-a-Service solution for corporate financial risk management, Reval has announced the acquisition of ecofinance, the leading treasury management system provider in the Central European region.
Jiro Okochi, CEO and Co-founder of Reval commented on the acquisition, saying: “Reval has acquired a very talented team of development and treasury experts that has focused on engineering a robust cash and treasury management system and on providing a highly responsive customer support system to over 100 clients. As we continue to work with clients to evaluate their cash, treasury, and risk needs, these qualities will prove ecofinance a perfect match for Reval. We will take our time to evaluate and integrate the best functionality to deliver the single, full solution that the industry wants.”
With over 25 years’ experience, ecofinance’s has a strong network of clients, including regional universities. The company’s software is currently installed in listed companies and is used in treasury centres on four continents. “We are excited to become part of Reval to support the needs of the evolving global corporate treasury community,” says Dr. Karlheinz Schlögl, Managing Director, ecofinance. “With our combined resources we will continue to deliver the best solutions in treasury and risk management and remain 100% client focused on a 24/7 basis.”
Post-acquisition, Reval now has approximately 275 employees globally, supporting over 500 companies and financial institutions. ecofinance will continue to do business as “ecofinance – A Reval Company” and will operate from its headquarters in Graz, Austria.
FX-MM says: 2011 looks set to be an interesting year for M&A, in particular in the financial technology space. Watch out for an in-depth article in our March edition on hot spots for tech sector deals over the next 12 months.