EXIM's Export Credit Insurance Enabled Washington State Small Business to Export $6.7 Million in Digital Services
FOR IMMEDIATE RELEASE
September 11, 2020
Media Contact Name/Phone: Office of Communications (202) 565-3203
WASHINGTON - The Software Revolution, Inc., (TSRI) a small business in Kirkland, Washington, that provides automated legacy software system modernization services, has been named an Exporter of the Year by the Export-Import Bank of the United States (EXIM). The company, which has used EXIM's export credit insurance to support its international sales since 2017, will be honored during EXIM's 2020 Annual Conference, the largest conference in the agency's history, which is being held virtually September 9-11.
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 more than 20 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.
"I am honored to recognize The Software Revolution, Inc., on behalf of EXIM for its outstanding contributions to fulfilling our agency's mission of supporting American jobs by facilitating U.S. exports," said EXIM President and Chairman Kimberly A. Reed. "The winners of EXIM's Exporter of the Year award come from every region of our country and many different industries, but all represent American ingenuity and success. Approximately 90 percent of EXIM's authorizations directly support small businesses like the exporters being awarded today, and at EXIM we are proud to help in the success of these small businesses as they compete in the global marketplace and support American jobs."
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.
"Without EXIM, our foreign accounts receivable could not be used as collateral with our bank. Now, these receivables are treated just like domestic receivables for purposes of our line of credit," said David Lightfoot, TSRI's Chief Financial Officer. "EXIM support opened the world to us."
Since 2014, EXIM has supported exports valued at $31 billion from 132 companies - including 100 small businesses like The Software Revolution, Inc. - across Washington state.
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.