March 8, 2011
Virgin America selects Reval for commodities hedging
New York--Domestic airline Virgin America has selected Reval’s Software-as-a-Service (SaaS) solution to support the derivative risk management and hedge accounting of its commodities portfolio, announced Reval (www.reval.com), the global leader of corporate financial risk management solutions.
“Reval is well known for the depth of its expertise and the strength of its SaaS solution,” said Virgin America SVP and Chief Financial Officer Holly Nelson. “This kind of support will be important to automate our risk management process as we expand across North America.” With the straight-through processing workflow of Reval’s SaaS solution, Virgin America will be able to seamlessly adopt hedge accounting under the requirements of ASC 815, automate the testing of its fuel hedging program and report on its performance.
“Virgin America is an innovative leader and a growing airline,” says Reval Managing Director, Americas, Jeff Stacey. “We are very happy to provide them with the best product and service to support their strategic business goals.”
Virgin America is a U.S.-controlled, owned and operated airline. It is an entirely separate company from Virgin Atlantic. Sir Richard Branson’s Virgin Group is a minority share investor in Virgin America.
About Virgin America: Launched in August 2007, Virgin America employs over 1900 people. The airline’s base of operations is San Francisco International Airport. Virgin America offers in-flight internet service on every flight and hosts the largest in-flight entertainment library in the domestic skies via the Red™ platform.