Pennon Group has selected Reval’s HedgeRx for interest rate risk management and IAS 39 reporting. Pennon Group is a £2.6bn utility based in Devon providing water and waste management to the South West of England. Pennon selected Reval to replace an existing client server TMS used for money market investments and debt management and Excel spreadsheets for IAS 39. Reval’s presence in Europe continues to grow rapidly and with Pennon, Reval now has four major utility companies based in the UK. “We have found that we are a great fit for the UK utilities who have similar requirements around money markets, debt and derivatives,” notes Jiro Okochi, CEO of Reval. “We are very excited about this opportunity to work with the Pennon Group and to get them live very quickly.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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