New York, March 5, 2002 – Reval, the Next Generation of Treasury and Risk Management Systems, announced the closing of its Series C Preferred Stock offering, led by Dallas-based investor Tobat Capital. Several new institutional investors joined the Company’s third round of financing, including the New York Community Investment Company (NYCIC), Financial Engineering Associates, Inc. (FEA), and Pantera Partners.
Founded in 1999, Reval provides leading derivative management and regulatory compliance solutions to corporations from its proprietary ASP platform. With the additional capital, Reval plans to accelerate sales of its current derivative hedging management solution as well as to add additional financial products and expand into related markets.
"Reval is growing and building a strong reputation among corporate finance professionals despite this difficult environment," said CEO and Co-founder Jiro Okochi. "We are pleased to have Tobat reaffirm its confidence in the company as well as to bring on a group of strong partners who have tremendous experience in this market."
This additional financing clearly demonstrates our continued excitement in Reval and will ensure its emergence as the leader in complex financial systems," said Ian Packer, Reval Board Member and General Partner of Tobat. "The accounting-related events of the past few months have dramatically illustrated the magnitude of the need for the company’s services and we look forward to providing a greater array of innovative solutions in the near future."
Howard Sommer, NYCIC’s President and CEO, said, "We are pleased to have invested in Reval, particularly at this critical point in time when the management and reporting of sophisticated treasury instruments is under close scrutiny and review. Reval’s products are designed to provide responsive and accurate valuation based on objective criteria, thereby ensuring integrity in financial reporting."
FEA President and Chief Scientist, Mark Garman, said, "FEA is pleased to contribute to the success of Reval. We are impressed by company management, excited by its technology, and convinced the Reval business model perfectly addresses the rapidly growing market for rigorous accounting compliance methods and systems."
About Tobat Capital, LLC
Tobat Capital, LLC is a venture capital investor based in Dallas, Texas. Tobat’s e-Financial Ventures Fund concentrates on early stage technology investments in companies committed to streamlining distribution and restructuring operating relationships within the financial services and insurance industries.
NYCIC, a venture fund backed by New York City’s major banks, invests in New York-based companies with strong growth potential.
Focusing on the energy, financial, and commodities markets since 1989, Financial Engineering Associates, Inc. (http://www.fea.com/), is renowned for the development of option valuation models and market risk assessment software. FEA’s more than 700 institutional clients include energy firms, money center banks, Fortune 500 companies, trading enterprises, and leading financial firms worldwide. FEA remains at the forefront of financial engineering through an on-going commitment to meeting the software needs of its clients worldwide.
For more information, visit www.reval.com or email firstname.lastname@example.org.
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