NEW YORK, May 27, 2005 – Reval, a provider of financial risk management technology solutions and services, is pleased to announce that the Pennon Group Plc has selected Reval’s HedgeRx® for interest rate risk management and IAS 39 reporting. Pennon Group Plc is a GBP 2.6 billion utility based in Devon providing water and waste management to the South West of England.
Pennon selected Reval to replace an existing client server TMS used for money market investments and debt management and excel spreadsheets for IAS 39. Reval’s presence in Europe continues to grow rapidly and with Pennon, Reval now has 4 major utility companies based in the UK.
"We have found that we are a great fit for the UK utilities who have similar requirements around money markets, debt and derivatives" notes Jiro Okochi, CEO of Reval. "We are very excited about this opportunity to work with the Pennon Group and to get them live very quickly."
Tony Hooper, Group Treasurer of Pennon Group Plc, said "Pennon is delighted to have forged links with Reval and is looking forward to the benefits of simplified IAS39 reporting opportunities."
"We are very pleased to have won another European client." said Peter Reynolds, Director of European Sales of Reval. "The decision to open a London office at the beginning of the year is paying dividends as we expand into the UK and beyond. Companies are keen to see systems that can deal with their key issues without being intrusive to their IT infrastructure and that can be implemented quickly and efficiently"
About The Pennon Group Plc.
Pennon Group is a FTSE 250 company incorporating both South West Water and Viridor. South West Water has the licence to supply water and treat sewerage in respect of Devon, Cornwall and parts of Dorset/Somerset. Viridor provides waste management services throughout the UK. Pennon Group has over £1bn of borrowing, mostly floating, and habitually needs to swap material amounts into fixed rate.
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