Reval Triples Revenue in Record Quarter
Reval announced that it had increased total committed contract value by 50% in the third quarter of 2002 and tripled the revenue generated in the same period last year. Reval added six new clients in what is typically a slow quarter for software companies. Reval also said it had accelerated sales of its leading web-based derivative hedging management solutions to companies ranging from Hollister Incorporated, a manufacturer of quality healthcare products and patient information systems, to General Motors Corporation, the world’s largest vehicle manufacturer. In addition to adding to its corporate treasury client base, Reval increased its services to Delaware Investments, who added additional users and locations in extending its subscription agreement for two additional years. Reval added significant commodities functionality in co-development with General Motors. Moreover, Reval established its first private label distribution agreement under the Private Reval label with Raymond James Capital Services, who began to market a version of Reval’s services to interest rate swap clients. Reval also signed its first outsourcing customer under the RxSource program, where Reval operations staff performs valuation and FAS 133 reporting for the client.