KUALA LUMPUR, Jan 24 (Bernama) -- Kyriba has reached a deal to acquire FiREapps which would lead to the creation of the most advanced and effective solution for seamlessly managing the entire lifecycle of global foreign exchange (FX) risk.
“The acquisition of FiREapps deepens our commitment to helping senior financial executives be more agile and efficient in managing all types of risk, including FX exposures,” said Kyriba chairman and chief executive officer (CEO), Jean-Luc Robert, in a statement today.
“The market has been asking for a single-vendor solution to manage the entire breadth of FX currency exposure …. We fill that gap with a highly-differentiated solution,” said FiREapps founder and CEO, Wolfgang Koester.
According to FiREapps data, global corporations lost at least US$39 billion (US$1 = RM4.13) during the first half of 2018, up from US$14 billion during the same period the year before.
The analysis from FiREapps’ Q2 2018 Currency Impact Report sampled data from 1,200 publicly-held multinational companies worldwide.
“FX volatility is a major strategic challenge for treasury organisations,” said International Data Corporation (IDC) enterprise applications senior research analyst, Kevin Permenter.
“Financial leaders doing business in multiple countries should be looking to adopt a more holistic approach to their global risk management strategies,” he added
The combined results from two global leaders in cloud treasury and risk management should result in a faster, more efficient way to manage FX exposures than using old school processes involving spreadsheets and manual data gathering across multiple systems.
For details, visit https://www.kyriba.com.
-- BERNAMA
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