Kyriba reached a milestone last year, surpassing $110 million in revenue for the first time, as companies across the spectrum moved operations to the cloud.
With the SaaS platform market booming, Kyriba is joining a growing list of SaaS providers that are enjoying red-hot growth. For this year, it is forecasting a 40% year-over-year increase in revenue.
At the heart of Kyriba’s offering is its ability to connect disparate financial systems to better control cash and liquidity. During 2018 it was able to bring on more than 229 new enterprise customers including Peloton, Eastman Chemical, and Hitachi High-Tech. With its cloud offering, companies can connect their banking, ERP, CRM and other applications to a single platform.
In addition to growing organically, Kyriba is expanding via acquisitions. In late January it acquired FiREapps, the currency risk management software provider. In announcing that deal, the companies said they are aiming to create a “highly advanced” solution to manage global FX risk. It will include data gathering and consolidation, reporting, analytics, decision support, payments, hedge accounting, among other services. The hopeful outcome is to create a platform that enables companies to quickly and efficiently manage FX exposures.
The acquisition of FiREapps comes at a time when FX volatility is an increasing challenge for financial executives to manage. Companies are conducting business across the globe, adding more complexity. The current way of managing that risk relies on spreadsheets and data gathering across disparate systems. Time-consuming for many treasury departments, prompting finance executives to look for a more holistic approach to global risk management.
“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 Jean-Luc Robert, chairman and CEO of Kyriba in a statement when announcing the deal. “We are excited to welcome FiREapps customers, employees and partners into the Kyriba family.”
The FX market is attractive to Kyriba given it is one of the largest financial markets in the world. It's also one that is in need of an overhaul to address risks including trade wars, the Brexit and geopolitical unrest. The losses from all this risk was pegged by FiREapps at $39 billion for the first half of last year, a year-over-year increase of $14 billion. “The market has been asking for a single-vendor solution to manage the entire breadth of FX currency exposure,” said Wolfgang Koester, founder, and CEO of FiREapps, when announcing the deal.
