Kyriba,
the global leader in cloud treasury and finance solutions, today
announced that it has finalized its acquisition of FiREapps,
the leader in enterprise currency management. Kyriba, which first
announced its intent to acquire the company in January, now offers the
most robust solution for managing global foreign exchange (FX) risk,
enabling finance chiefs to mitigate the impact of currency fluctuations
on earnings per share (EPS).
Market volatility led to losses that exceeded $15 billion in the third
quarter of 2018, according FiREapps’ “Q3
2018 Currency Impact Report.” Kyriba’s platform now offers
visibility and control over this type of volatility by consolidating the
entire range of FX risk management capabilities, from exposure capture
and analysis to valuation and accounting. This holistic approach fills
the gaps and limitations of ERPs, corporate planning and budgeting
systems, as was illustrated in a published case
study with a joint client in the consumer goods industry.
“The integration of FiREapps’ capabilities into our enterprise platform
enables all treasury and risk decision making to be delivered in a
single solution,” said Jean-Luc Robert, chairman and CEO of Kyriba. “We
are now in an even better position to empower our clients to achieve
greater results by mitigating FX exposures that cost organizations
billions of dollars annually.”
This close of this acquisition serves as an example of Kyriba’s ongoing
commitment to accelerating product innovation and expanding its
industry-leading solution to better serve modern CFOs and treasury
teams. The company has committed $60 million to product development
alone as part of its recently closed $160M funding
round, putting its valuation at $1.2 billion.
About Kyriba Corp.
Kyriba empowers financial leaders and their teams with award-winning
solutions for cash and risk management, payments and working capital
optimization. Kyriba delivers a highly secure, 100% SaaS enterprise
platform, superior bank connectivity and a seamlessly integrated
solution set for tackling today’s most complex financial challenges.
Thousands of companies, including many of the world’s largest
organizations, rely on Kyriba to streamline key processes, protect
against loss from fraud and financial risk, and accelerate growth
opportunities through improved decision support. Kyriba is headquartered
in San Diego, with offices in New York, Paris, London, Tokyo, Dubai and
other major locations. For more information, visit www.kyriba.com.
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