Insightsoftware has acquired FXLoader, a UK-based automated exchange rate loading software provider for enterprise resource planning (ERP) systems and financial applications.
The financial terms of the deal were not disclosed.
Headquartered in North Carolina, US, insightsoftware offers solutions for the office of the chief financial officer (CFO). It is engaged in consolidating organisational data to enhance reporting, analytics, and performance management solution sets.
Through the acquisition of FXLoader, insightsoftware aims to expand its existing reporting and consolidation capabilities by automating critical foreign exchange rate processes in real-time for organisations across the globe.
Insightsoftware chief product officer and FP&A general manager Lee An Schommer said: “FXLoader enables organisations to keep pace with these changes, automating the complex calculations required for multi-currency accounting while eliminating the need to execute agreements with third-party sources and central banks.
“This capability bolsters insightsoftware’s suite of solutions that improve financial performance with intelligent automation and data-driven insights.”
Established in 1998, FXLoader optimises multinational financial and tax reporting by providing necessary foreign exchange rates to buy and sell goods and services worldwide.
The firm saves time, reduces errors, and easily adapts to new jurisdiction requirements by eliminating the need for self-built integrations and the manual entry of foreign exchange rates into popular ERP systems.
Besides, FXLoader offers flexible integration options for adding or modifying the source, ERPs, rate types, and new currencies without requiring individual monitoring.
It easily integrates with ERP systems including Oracle Fusion ERP Cloud, Workday, and SAP. In addition, it automates the loading of currency exchange rates from Bloomberg, OANDA, Xignite, and over 70 other central banks.
FXLoader founder and technical director Peter Care said: “Bringing FXLoader into the insightsoftware portfolio of solutions will provide financial teams with automated access to rates directly from the source web service, accelerating and improving the accuracy of the close and consolidation process.
“By adding our foreign exchange rate automation within one of the industry’s most comprehensive suites of financial performance solutions, insightsoftware is empowering organisations with a streamlined, consolidated platform that enables financial professionals to do more with less.”
