U.S. fintech firm Kyriba announced it agreed to buy enterprise currency management provider FiREapps. The deal creates a solution for managing global foreign exchange (FX) risk, with data gathering and consolidation, reporting, and analytics.

“The acquisition of FiREapps deepens our commitment to helping senior financial executives be more agile and efficient in managing all types of risk, including FX exposures,” said Kyriba CEO Jean-Luc Robert.

The FX market is one of the largest financial markets in the world, and has become increasingly volatile due to geo-political events such as Brexit and trade wars. According to FiREapps data, global corporations lost at least $39 billion to currency movements during the first half of 2018, up from $14 billion during the same period the year before.

“FX volatility is a major strategic challenge for treasury organizations,” Kevin Permenter, a senior research analyst for enterprise applications at IDC, said in a statement. “Financial leaders doing business in multiple countries should be looking to adopt a more holistic approach to their global risk management strategies.”

Jean-Luc Robert

FiREapps CEO Wolfgang Koester said there has been market demand for a single-vendor product that would allow companies to manage the entire breadth of FX currency exposure.

“By joining with Kyriba, we fill that gap with a highly differentiated solution, while also aligning with world-class capabilities for cash and risk management, payments, working capital optimization, and more,” he said.

Kyriba was founded in San Diego in 2003. It raised $23 million in 2016 and $45 million in 2017 when it moved its headquarters to New York. In March 2018, Kyriba announced it was partnering with BlackRock on a service that would allow that company’s customers to move cash to BlackRock money market funds as interest rates began to rise.

Kyriba and FiREapps did not disclose the specific terms of the acquisition.

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One response to “Kyriba Acquires Currency Management Vendor FiREapps”

  1. This is an act of desperation by FireApps. Their customer base is converting to other providers with richer functionality and/or lower price points. The FireApps Cash Flow, Income Statement and Analytics products have not had much take up and have accuracy problems – even 18 months after being released.

    This acquisition will only accelerate FireApps “has been” status; customers will not wait 18-24 months for FireApps and Kyriba to sort out the incompatible technology stack issues when more functional products are available and can easily integrate to any Treasury Management System.

    Customers are NOT looking for a single vendor to provide end-to-end functionality – they are looking for best-of-breed applications that can be easily integrated in the Cloud.

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