VC-backed Reval goes on the block: sources

Reval, a treasury and risk management application software provider backed by North Bridge Venture Partners, is up for sale, three sources familiar with the situation said.

New York-based Reval has hired Evercore to find a buyer, the sources said. Reval has collected $86.92 million in funding, according to CrunchBase.

Reval is looking to sell for $150 million to $250 million, one of the sources said. “That range seems reasonable,” a GP, part of the sources, said.

Another private equity executive, not one of the sources, said Reval has been up for sale before. Reval’s valuation expectations “have been disconnected from their actual growth rate,” the second GP said.

Chief Executive Jiro Okochi co-founded Reval in 1999. The company raised $28 million in 2007, which included investments from North Bridge and Commonwealth Capital Ventures, a news release from that time said.

In 2012, Reval filed to go public. At the time Reval said it had 550 clients in more than 20 countries, including Ford, Microsoft and Starbucks

For 2011, Reval reported a $19.3 million loss on $45 million of revenue, an S-1 filing from May 2012 said.

North Bridge owned 58 percent of Reval, while Commonwealth had 34.6 percent as of May 2012, the S-1 filing said. CEO Okochi had 7.2 percent, the filing said.

Reval pulled the offering in October 2014, citing “unfavorable market conditions.” A month later, Reval closed a $20 million private placement with Goldman Sachs. It’s unclear how much of Reval Goldman owns.

Napier Park Global Capital is also an investor in Reval, but the company did not disclose when that investment took place.

Executives for Evercore and Goldman declined comment. Reval, Commonwealth Capital, North Bridge and Napier Park could not be reached for comment.

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Photo ©iStock/Kirby Hamilton