FiREapps Announces Trade Management and Derivative Accounting Offerings
MIAMI, Oct. 15, 2012 /PRNewswire/ — FiREapps, the leading provider of foreign exchange exposure management software, has introduced a new suite of capabilities that has been tested for foreign exchange trade management and derivative accounting solutions to complement its award-winning FX exposure analytics and management solutions. As a result of successful test marketing during the past several months with a select group of shared clients, FiREapps is announcing a new strategic partnership with HedgeTrackers, LLC. With this new partnership, FiREapps is leveraging Hedge Tracker’s cloud-based Capella Foreign Currency software, which provides proven solutions for FAS 133 (ASC 815) hedge accounting, trade management and reporting to extend the capabilities of the FiREapps suite of FX exposure management solutions.
“We are very excited to bring this proven suite of hedge accounting and trade management capabilities to the market,” said Wolfgang Koester, CEO of FiREapps. “We have seen a growing frustration in the market from corporate treasury departments that have been required to deal with expensive and lengthy FX hedge accounting solution implementations. Our offerings, powered by Hedge Trackers’ Capella are deployable in a mere fraction of the time and cost of the hedge accounting solutions we commonly see in the market today.”
“The partnership with FiREapps and Hedge Trackers has provided dynamic and sustainable solutions for Jabil,” said Sergio Cadavid, Vice President and Corporate Treasurer for Jabil Circuit, Inc., a user of the joint FiREapps / Hedge Tracker solution. “It has also enabled my team to enhance their partnerships with the business across Jabil and be more advisory and strategic on FX risk management.”
The combination of FiREapps and Hedge Trackers cloud-based solutions is ideally suited to help multinational corporations which are interested in automating the end-to-end process of identifying, analyzing, managing and accounting for foreign exchange exposures. Helen Kane, President of Hedge Trackers adds, “At Hedge Trackers, we are excited to partner with FiREapps to provide the corporate currency risk management market with best-in-class solutions and experience that provides the insight and controls necessary to monitor, account for and disclose both currency exposures and hedges from inception through maturity.”
At noon on Monday October 15(th), representatives of FiREapps and Hedge Trackers will be showcasing the new end-to-end foreign exchange solutions at the Annual AFP Conference in Miami. During this session, FiREapps will be hosting conference attendees in its booth (#1330) who are interested in learning first-hand from members of the Jabil Circuit, Inc. treasury team about how they have used FiREapps and Capella to increase the overall efficiency and effectiveness of their end-to-end currency exposure management program.
FiREapps is a leader in foreign exchange exposure management solutions. For over a decade, the company has helped global leaders eliminate FX surprises, reduce transaction costs and increase operational efficiencies. FiREapps has enabled multinational corporations to identify, analyze and manage FX risk using fact-based collaboration. They have offices in New York, Chicago, Portland, and San Francisco, and are headquartered in Scottsdale, AZ. For more information, go to www.fireapps.com
About Hedge Trackers
Hedge Trackers is a risk management advisory practice that specializes in ASC 815 (FAS 133), ASC 830 (FAS 52), IAS 39, and IFRS 7. They partner with companies to confront the ever-growing challenges in developing and maintaining best-in-class hedge programs and to ensure they are in compliance with US GAAP and IASB. Hedge Trackers’ cloud-based software, Capella, is specifically designed for companies that want to manage their hedge program in-house and streamline the trade to accounting/reporting process. For more information, go to www.hedgetrackers.com
Contact: Jonathan Goldberg Tel: 212.843.9335