FiREapps raises $8.75 Million in second round funding
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Bangalor: FiREapps, which helps companies manage financial risk by providing up-to-date foreign currency data, has raised $8.75 million in a second round of funding, reports VentureBeat. In the last two quarters, demand for the U.S. based company's software, which is delivered on-demand via online subscription, has been increasing, says Chief Executive Wolfgang Koester. According to him, there wasn't a pressing need for this data among companies based in the United States during the past few years - if they were getting paid in foreign currencies, they didn't mind the weakening U.S. dollar. But with the current financial turmoil, knowing exactly how much money you have in exactly what currency, and knowing exactly what's happening with each currency, rather than waiting a couple weeks after the end of the month before finding out, suddenly becomes much more important. There are plenty of big-name players, such as Oracle and SAP, offering products that tackle the issue from an 'accounting' perspective, Koester says - in other words, providing companies with data about their international finances. "Our innovation is how to pull data out, how to put it into framework the treasurer can use, and how to manage exposures and risk," says Andy Gage, the company's vice president of sales and marketing.

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