Treasury management system provider Kyriba announced in late January that it has acquired currency risk management software provider FiREapps. With the acquisition, Kyriba aims to become a one-stop shop for its clients as well as those of FiREapps. The two companies already have been strategic partners for several years.
The acquisition comes after a busy 2018 for Kyriba, during which the TMS provider partnered with BlackRock to enable faster execution of cash investments for CFOs and treasurers. The company also began a strategic partnership in December with WorldFirst, a firm in the foreign exchange and international payments space. Teaming up with WorldFirst should allow Kyriba clients to streamline cross-border payments and increase transparency, as well as providing access to lower FX rates.
Andy Gage, vice president of strategic markets at FiREapps, said Kyriba’s acquisition of his company is a “good cultural fit,” noting the previous partnerships between the two companies. Kyriba’s offering “is extremely complementary” with FiREapps, he said, adding that there are at least 20 companies that use both Kyriba and FiREapps and that “people wanted one vendor to do both FX exposure management and TMS, and now they have a true end-to-end” product.
Another feature that will be a great benefit to Kyriba clients is the data that FiREapps creates, which can be used beyond FX, Mr. Gage said. For instance, the data can be used for FP&A, receivables factoring or in-house bank transactions.
Mr. Gage could not comment on the terms of the deal or whether FiREapps will remain as its own product or be integrated into Kyriba’s current TMS offering