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FXpress Corp. sold to N.Y.-based firm

FXpress Corp., a Bala Cynwyd-based provider of treasury management software, has been acquired by New York-based Reval, which provides an accounting platform for global derivative risk management and hedge accounting software

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FXpress Corp., a Bala Cynwyd-based provider of treasury management software, has been acquired by New York-based Reval, which provides an accounting platform for global derivative risk management and hedge accounting software

Terms were not disclosed, but Reval said today that it closed on $16 million in venture capital funding from North Bridge Venture Partners and Commonwealth Capital Ventures, bringing funding from those two firms to $44 million.

FXpress CEO Robert Richardson, who cofounded the company in 1993, is to remain as a senior vice president and manage the Bala Cynwyd operations, which will take on the name Reval.

Reval will now have 200 employees and 350 clients, the company said.

Reval, founded in 1999, has headquarters in New York and regional centers in Chicago, San Francisco, Toronto, London, Sydney, Hong Kong and Gurgaon, India.