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Kyriba purchases currency systems expert

Treasury IT solutions provider Kyriba acquires Fireapps, a specialist in corporate currency management systems.

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”The agreement will combine two global leaders in cloud treasury and risk management, and further enhance Kyriba’s capabilities for safeguarding its clients against the entire continuum of financial and operational risk, including FX exposures, payments fraud, regulatory risk and more,” wrote Kyriba in the company’s press statement on the agreement to buy Fireapps.

Challenging context

Kyriba describes the currency exchange market as one of the largest financial markets in the world, though increasingly volatile in a landscape comprising Brexit, trade wars and pressure from hyper-inflationary economics.

Aims to be single-vendor

”The market has been asking for a single-vendor solution to manage the entire breadth of FX currency exposure,” said Fireapps founder and CEO Wolfgang Koester.

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”By joining with Kyriba, we fill that gap with a highly differentiated solution, while also aligning with world-class capabilities for cash and risk management, payments, working capital optimization and more.”

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