Kyriba Empowers CFOs to Better Manage Growing Foreign Exchange Losses with Closing of FiREapps Acquisition
Visibility and Validation of Currency Impacts on Earnings Per Share Can Save CFOs Billions
SAN DIEGO – April 17, 2019 — 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.”
The 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 percent 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.
Kyriba Media Contact:
Daniel Shaffer, [email protected], +1 858 263-2218