RALEIGH, N.C., June 05, 2024 (GLOBE NEWSWIRE) — insightsoftware, the most comprehensive provider of solutions for the Office of the CFO, today announced it has acquired FXLoader, a UK-based provider of automated exchange rate loading software for enterprise resource planning (ERP) systems and financial applications. FXLoader expands insightsoftware’s existing reporting and consolidation capabilities by automating critical foreign exchange rate processes in real-time for global organizations.
Founded in 1998, FXLoader has been used and trusted by major international organizations for more than 25 years. FXLoader streamlines multinational financial and tax reporting by populating the foreign exchange rates required to buy and sell goods and services internationally. By eliminating the need for self-built integrations and the manual entry of foreign exchange rates into the most popular ERP systems, it saves time, reduces errors, and easily adapts to new jurisdiction requirements.
“Every organization that conducts business internationally operates in an ever-changing multi-currency finance environment,” said Lee An Schommer, Chief Product Officer and General Manager, FP&A at insightsoftware. “FXLoader enables organizations 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.”
FXLoader delivers flexible integrations for adding or changing the source, ERPs, rate type, and new currency without the need for individual monitoring. It integrates seamlessly with leading ERP systems such as Oracle Fusion ERP Cloud, Workday, and SAP. It automates the loading of currency exchange rates from OANDA, Xignite, Bloomberg, and 70+ other central banks. In addition, the technology monitors every new rate versus the previous rate, automatically investigating any changes greater than five percent to ensure consistency and accuracy.
“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,” said Peter Care, Founder and Technical Director at FXLoader. “By adding our foreign exchange rate automation within one of the industry’s most comprehensive suites of financial performance solutions, insightsoftware is empowering organizations with a streamlined, consolidated platform that enables financial professionals to do more with less.”
insightsoftware is a hyper-growth company dedicated to consolidating organizational data to round out one of the broadest reporting, analytics, and performance management solution sets available. The company has experienced tremendous growth with a five-year percentage growth rate of 425 percent. Headquartered in Raleigh, North Carolina, insightsoftware is a global team with offices around the world, with more than 2,400 team members, 32,000 global customers, 500,000 global users, and 1,300 partners. The company has been recognized in the 2023 Deloitte Technology Fast 500™ and the 2023 Gartner® Magic Quadrant™ for Financial Planning Software.
About insightsoftware
insightsoftware is a global provider of comprehensive solutions for the Office of the CFO. We believe an actionable business strategy begins and ends with accessible financial data. With solutions across financial planning and analysis (FP&A), accounting, and operations, we transform how teams operate, empowering leaders to make timely and informed decisions. With data at the heart of everything we do, insightsoftware enables automated processes, delivers trusted insights, boosts predictability, and increases productivity. Learn more at insightsoftware.com.
About FXLoader
FXLoader is an automated service that ensures FX rates are always up to date and accurate in ERP applications. Our SaaS solution is at the core of global companies running tier one ERPs, ensuring they are using authentic, reliable currency rates from leading providers and central banks. We are dedicated to the highest levels of support and monitoring, giving clients confidence in this crucial accounting process, to meet statutory and corporate reporting requirements. Learn more at fxloader.com.
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