Two fledgling providers of derivative risk management and hedge accounting services for multinational companies, financial institutions, accounting and advisory firms are combining their forces.

Reval, founded in 1999 and based in New York, announced on Wednesday that it has acquired FXpress Corporation, which helps companies manage their financial exposures and hedges more efficiently.

The combined entity will have around 350 clients and be known as Reval.

The company also announced that it had closed $16m in venture capital funding from North Bridge Venture Partners and Commonwealth Capital Ventures bringing funding from both venture capital firms to $44m.

Jiro Okochi, chief executive officer of Reval says combining the two ‘growth companies’ will create greater scale and keeps the firm on course for a public listing within five years.

FXpress, chief executive of CEO and Co-founder Robert Richardson, chief executive officer for FXpress said: “Between the two companies, we have the best programmers, financial engineers, and accounting and business professionals who know this market better than anybody.”

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