Washington State High-Tech Small Business Leverages EXIM’s Export Credit Insurance to Increase Sales Internationally
FOR IMMEDIATE RELEASE November 17, 2020
Office of Communications (202-565-3203)
KIRKLAND, Washington — Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed yesterday presented a 2020 Exporter of the Year award to The Software Revolution, Inc., (TSRI) a small business that provides automated legacy software system modernization services, and participated in a roundtable discussion at the company’s facilities in Kirkland, Washington.
Headquartered east of Seattle, TSRI is the industry leader in providing modernization services for automated legacy software systems, supporting both government and industry customers for 25 years. The company’s automated application, database, and user interface modernization and software documentation capabilities stem from its artificial intelligence-based toolset called JANUS Studio®, which provides automation for software assessment, documentation, transformation, refactoring, and web-enablement. The company has modernized hundreds of wide-ranging systems, including air traffic control, aircraft avionics, financial applications, government networks, and other critical industry missions.
The Software Revolution, Inc.’s 25-year celebration continues with the presentation of EXIM’s Exporter of the Year Award in front of one of TSRI’s very first computers. L-R: EXIM Chief Banking Officer Stephen Renna; TSRI Financial Coordinator Lisa Thompson; TSRI President Nicolas Newcomb; EXIM Chairman Kimberly Reed; TSRI Director of Business Development Rene Wagner.
“The Software Revolution, Inc. is a great Washington state success story that underscores how EXIM can help high-tech small businesses export their American ingenuity around the world. I am proud to recognize this transformational company, which utilizes artificial intelligence and model-based tools to modernize diverse customers’ valuable and irreplaceable legacy software systems, user interfaces, and databases, as an EXIM Exporter of the Year,” said Chairman Reed. “We at EXIM are proud to help in the success of small businesses as they compete in the global marketplace and support American jobs.”
Chairman Reed was accompanied by EXIM Chief Banking Officer Stephen Renna and EXIM Chief of Staff Ryan McCormack.
As an exporter of digital services, TSRI began using EXIM’s export credit insurance in 2017, which significantly enhanced the company’s cash flow by allowing foreign accounts receivable to be treated like domestic receivables. The insurance added depth to TSRI’s financial strength by protecting the company against foreign buyer nonpayment. That allowed the small business to increase sales in its original international markets and expand into new countries including Canada, Germany, and Japan. More than 80 percent of the company’s 30 employees, including computer scientists and modernization engineers, are supported by exports. Since 2017, EXIM has supported TSRI exports valued at nearly $6.7 million. The company’s policies are facilitated by EXIM broker Brett Tarnet Insurance Services of Washougal, Washington.
“EXIM allows small businesses like The Software Revolution to do business globally,” said David Lightfoot, TSRI’s Chief Financial Officer. “Our ability to borrow against foreign accounts receivable means we can extend credit to clients worldwide, something that would not be possible otherwise.”
During their roundtable discussion, Chairman Reed and the TSRI executives also discussed EXIM’s historic seven-year reauthorization, which established EXIM’s new Program on China and Transformational Exports and directs EXIM to provide financial products to directly neutralize export subsidies offered by the People’s Republic of China, helping to ensure a level playing field for U.S. businesses and workers as they compete globally. The program has the aim of advancing the comparative leadership of the United States and supporting U.S. innovation, employment, and technological standards globally in ten transformational export industries, including high performance computing, artificial intelligence, quantum computing, biomedical sciences, emerging financial technologies, and semiconductors, and associated services. The law charges EXIM with a goal of reserving not less than 20 percent of the agency’s totaling financing authority (i.e., $27 billion out of a total $135 billion) for support made pursuant to the program.
Since 2014, EXIM has supported exports valued at $32 billion from 134 companies—including 101 small businesses like TSRI—across Washington state. Approximately 90 percent of EXIM authorizations directly support small businesses.
U.S. companies, particularly small businesses, can utilize EXIM’s financing tools and resources to increase their international sales, showcase their “Made in the USA” products, and sustain American jobs. By partnering with EXIM, exporters can mitigate the risk of nonpayment on international sales, offer credit terms to foreign buyers, and access working capital loan guarantees. In addition, EXIM has implemented several COVID-19 (coronavirus) relief measures for U.S. exporters and financial institutions to enhance the agency’s existing programs.
EXIM is an independent federal agency that promotes and supports American jobs by providing competitive and necessary export credit to support sales of U.S. goods and services to international buyers. A robust EXIM can level the global playing field for U.S. exporters when they compete against foreign companies that receive support from their governments. EXIM also contributes to U.S. economic growth by helping to create and sustain hundreds of thousands of jobs in exporting businesses and their supply chains across the United States. In recent years, approximately 90 percent of the total number of the agency’s authorizations has directly supported small businesses. Since 1992, EXIM has generated more than $9 billion for the U.S. Treasury for repayment of U.S. debt.
For more information about EXIM, please visit www.exim.gov.