ION agrees acquisition of Reval
The group, which already owns Wall Street Systems and IT2, is further expanding its fintech empire by adding the software-as-a-service (SaaS) provider.
Reval, the provider of cloud-based solutions for treasury and risk management has entered into a definitive agreement to be acquired by ION Investment Group. “I’m excited for what the future holds as we continue to provide innovative automation solutions for companies that are looking to transform the way they manage treasury and risk,” said Reval chief executive officer (CEO) and co-founder Jiro Okochi.
Andrea Pignataro, ION’s CEO and founder, said: “The acquisition of Reval substantially increases our footprint in treasury cloud services and enriches our product portfolio with leading functionality in risk and hedge accounting. We will also be able to leverage Reval’s strong sales, marketing and customer success teams across the product portfolio under Jiro’s leadership.”
Much of ION’s growth in recent years has been through acquisitions; the most notable include Wall Street Systems in July 2011; Patsystems, which completed in February 2012; and Financial Software Systems in January 2013. The latter deal took place in the same month as Wall Street Systems acquired IT2. US software company Triple Point Technology was added in July 2013 when ION agreed a US$900m cash deal, although the company has been maintained as a stand-alone business.