Reval Raises $28 Million in Expansion Funding

Commonwealth Capital Ventures and North Bridge Venture Partners Co-lead Investment to Fund Growth Opportunities

New York, July 23, 2007 - Reval, a global leader in financial risk management solutions and services, today announced that it has secured $28 million in expansion capital. Prominent Boston-based venture capital firms Commonwealth Capital Ventures and North Bridge Venture Partners co-led the round. A portion of the proceeds was used to purchase shares from existing investors. The expansion round will be used to accelerate research and development, grow the company's sales and marketing capabilities, and expand in the U.S. and internationally.

In conjunction with the funding, Commonwealth Capital Ventures General Partner Justin Perreault and North Bridge Venture Partners General Partner Rich D'Amore will join Reval Chief Executive Officer and Co-founder Jiro Okochi on the company's Board of Directors.

"After an extensive process of meeting with over 50 venture firms, we selected Commonwealth and North Bridge due to the collective experience they bring to the table with SaaS portfolio companies as well as their hands-on operating experience building successful software companies," said Reval's Okochi. "Although the financial terms were attractive, even more important was their cultural and personality fit with our organization. We are pleased to have the opportunity to collaborate with Justin, Rich and their respective firms to expand upon our global leadership position."

Founded in 1999 to provide innovative and affordable solutions to increasingly complex financial management requirements, Reval has enjoyed rapid sales and customer growth for several years.

"Reval offers an opportunity to back an outstanding management team which has demonstrated its ability to build a category and technology leader with rapid sales growth and profitability," said Commonwealth Capital Ventures' Perreault. "The company is seeing tremendous interest in its solutions, which quickly and cost-effectively address the urgent requirement for corporations to manage their hedging activities and meet both business and compliance needs. With this investment, Reval will have the funding needed to take full advantage of its sizable market opportunities in the U.S. and internationally."

Reval's flagship derivative solution, HedgeRx ®, and derivative valuation service, Reval Center ™, address the complex business, valuation, and accounting requirements for derivative management for interest rates, foreign exchange and commodities. Reval's products and services help companies implement better approaches to effectiveness testing under stringent accounting rules such as FAS 133 and IAS 39, providing better control of operational risk, and helping to avoid financial restatements and other regulatory pitfalls. The easy-to-deploy HedgeRx ® is a professionally hosted application delivered over the Internet with cutting-edge security, strict controls and a SAS 70 Type II certification. Organizations including Commerzbank, Deloitte & Touche LLP, General Motors, GlaxoSmithKline, the government of Canada, National Grid, Qantas, and many more have used Reval's solutions to hedge foreign exchange, interest rate, energy and commodity risks while complying with today's FAS 133 and IAS 39 requirements.

"Reval's success reflects the growing appeal of industry-specific, software-as-a service applications to the enterprise," added Rich D'Amore of North Bridge. "Our decision to invest in Reval is based on the long-term value we see in the company's business model and technology, combined with the company's outstanding traction among blue-chip enterprise customers in a rapidly-growing market. We're happy to have the opportunity to help fuel the growth of the company."

About Commonwealth Capital Ventures

Commonwealth Capital Ventures (Waltham, MA) is a venture capital firm focused on software and software-based services, Internet and digital media, communications technology, and instruments and systems investments in the Northeastern United States. The firm's collaborative investment approach leverages the entire team's venture and operating expertise, experience, and contacts to guide portfolio companies through all stages of their development. Since its inception in 1995, Commonwealth Capital has invested in more than 130 high-growth companies. Commonwealth currently manages over $580 million of committed capital across four funds.

For more information, visit www.commonwealthvc.com.

About North Bridge Venture Partners

North Bridge Venture Partners is an active, early-stage venture capital firm based in the Boston area. With approximately $2.2 billion under management, North Bridge focuses on investments in the communications, software and other technology markets. Working closely with entrepreneurs, North Bridge adds value by providing strategic guidance, specific industry knowledge, team-building skills and an in-depth understanding of both private and public financings. Past investments include ArrowPoint Communications, Cascade Communications, eRoom Technology, Phase Forward, Solidworks, Sonus Networks, Sycamore Networks and Wellfleet Communications.

For more information, visit www.nbvp.com.

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About Reval

Reval is a leading, global Software-as-a-Service (SaaS) provider of comprehensive and integrated Treasury and Risk Management (TRM) solutions. Our cloud-based software and related offerings enable enterprises to better manage cash, liquidity and financial risk, and includes specialized capabilities to account for and report on complex financial instruments and hedging activities. The scope and timeliness of the data and analytics we provide allow chief financial officers, treasurers and finance managers to operate more confidently in an increasingly complex and volatile global business environment. Using Reval, companies can optimize treasury and risk management activities across the enterprise for greater operational efficiency, security, control and compliance. Founded in 1999, Reval is headquartered in New York with regional centers across North America, EMEA and Asia Pacific.

For more information, visit www.reval.com or email info@reval.com.

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