SOURCE: FiREapps

September 20, 2006 08:00 ET

FiREapps Unveils Industry's First On-Demand Foreign Exchange Solution

Web-Hosted Software Solution to Measure, Manage and Monitor Foreign Exchange Exposure

SCOTTSDALE, AZ -- (MARKET WIRE) -- September 20, 2006 -- FiREapps™, a leading provider of foreign exchange exposure technologies, today announced the availability of the first on-demand solution designed to help international companies reduce their risk of foreign exchange exposure. This solution will help companies that are at risk of losing millions of dollars each year due to mismanaged foreign exchange and currency fluctuations.

Today, most companies cannot adequately identify their exposure or risk and are often surprised by losses due to foreign exchange or are spending excessive amounts on unnecessary hedging products. For the first time, with the introduction of FiREapps, companies will have an on-demand, web-hosted solution that can accurately monitor and measure their foreign exchange risk in real time. In addition, the FiREapps solution will provide optimized decisions about how companies can cost-effectively lower foreign exchange risk and exposure. The FiREapps foreign exchange solution resolves a crucial business issue that affects companies across multiple industries by automating a critical financial process.

"As a chief financial officer at industry-leading companies including Microsoft, I saw a clear need for a solution that would help companies manage and monitor their foreign exchange exposure," said John Connors, partner of Ignition Partners, LLC and board member of FiREapps. "The FiREapps solution is a must-have for any financial officer in a global organization."

With FiREapps, companies can dramatically reduce their foreign exchange risk from an industry average of 10 percent of currency exposure to less than 1 percent. For a midsize company with an average foreign exchange exposure of $250 million, that can mean a $2-$8 million change to its bottom line. Additional implications of unmanaged foreign exchange risk include non-essential hedges, which can add cost and increase the company's risk.

"Over the past three years, FiREapps, Inc. has reduced our foreign exchange cost by more than US$7 million," said Scott Tsujita, senior vice president - Finance, Treasury and Investor Relations of Hypercom Corp. "We utilize their entire processes which allow us to spend time on areas of our core competency. They have made foreign exchange easy. FiREapps solutions are above and beyond what we originally expected."

"Foreign exchange risk is a big problem for almost every company, yet it is often overlooked because it is complex to manage," said Wolfgang Koester, chief executive officer of FiREapps. "C-level executives cannot determine or act on the company's foreign exchange risk in real time and this has a direct result on the company's bottom line."

The FiREapps management team and its board of advisors have extensive experience in foreign exchange. Chief executive officer Wolfgang Koester has been managing risk for Fortune 100 companies as well as governments, including G-10s, since 1986. Co-founder and chief financial officer Corey Edens is a certified public accountant and previously served as the controller and director of operations for the Microsoft Network. FiREapps' Board of Advisors includes John Connors, a partner in Ignition Partners and former chief financial officer at Microsoft, and Robert Headley, a partner in Ignition Partners and previous vice president of finance and treasurer at Starbucks Coffee Company.

Rim-Tec, a foreign exchange services company, was founded in 2000 and established FiREapps in January 2006. The company received $2.5M in Series A financing from Ignition Partners to speed the deployment of the FiREapps solution.

About FiREapps

FiREapps, a software division of RimTec, Inc., is a leading provider of foreign exchange exposure technologies. The company provides software solutions for mid-market firms to automate critical foreign exchange business processes that identify exposure. These solutions help customers mitigate risk while increasing profitability and operational efficiencies. FiREapps has offices in Phoenix, Arizona and Portland, Oregon.

Contact Information

  • Media Contacts:
    Andrew Gage
    FiREapps
    480-213-4476
    Email Contact

    Heather Silverberg
    Access Communications for FiREapps
    917-522-3503
    Email Contact