Fintech software outfit Kyriba on track to hit $100 million revenue milestone
SAN DIEGO, CA – Fintech software firm Kyriba said this week that sales have increased by 48 percent during the first half of this year – putting the company on pace to reach $100 million in revenue by year end.
Founded in 2003, the privately held company makes cloud-based financial management software that helps large companies managed their cash in far- flung global bank accounts.
The subscription software helps mitigate risk from foreign exchange volatility, as well as prevent fraud and cybercrime. Its product suite includes supply chain finance, payments, cash management, working capital management, compliance and bank connectivity.
According to the company, the year-over-year growth in 2018 stems from more large firms adopting cloud-based financial management tools that can deal with their cash management needs in real time.
“Continuing to manage the critical operations of the finance and treasurydepartment through antiquated technologies such as spreadsheets or on-premisesoftware is no longer viable in today’s complex, fast-paced global markets,” saidChief Executive Jean-Luc Robert, in a statement.
Kyriba used to be based in San Diego. Last year, it moved its headquarters to New York. But Robert lives in San Diego and works out of the local office.
The company employs 80 full-time workers locally, including software developers, cloud-platform engineers and human resources personnel. It has 535 employees globally.
Customers include 15 percent of U.S. Fortune 500 companies. The company has more than 1,800 firms and 65,000 people using its software, according to a spokesman.
The company has raised $110 million in venture capital since it was founded. While reaching $100 million in revenue is considered a milestone for software firms to launch an initial public stock offering, Kyriba has no immediate plans to go public, said the company spokesman.
Source: San Diego Union Tribune
Kyriba is a leading global provider of cloud treasury and financial management solutions. Kyriba empowers financial leaders and their teams with award-winning solutions for cash and risk management, payments and supply chain
finance. Kyriba delivers a highly secure, 100% SaaS platform, superior bankconnectivity and a seamlessly integrated solution set for tackling today’s mostcomplex financial challenges. More than 1,600 companies, including many of theworld’s largest organizations, rely on Kyriba to streamline key processes, protect against loss from fraud and cybercrime, and accelerate growth opportunities through improved decision support. Kyriba is headquartered in New York, with offices in San Diego, Paris, London, Tokyo, Dubai and other major locations.
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