Hedge accounting software developer Reval has acquired FXpress Corp., a treasury software provider.

Financial terms of the acquisition were not disclosed. The acquired company will operate under the Reval name out of its offices in Bala Cynwyd, Pa. FXpress CEO Robert Richardson will remain with Reval as a senior vice president.

New York-based Reval said it has also completed a $16 million round of venture capital funding from North Bridge Venture Partners and Commonwealth Capital Ventures, bringing funding from both VC firms to $44 million.

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