Trintech, a Texas-based financial close software provider, has acquired Fiserv’s financial reconciliation business, including two reconciliation solutions, Frontier Reconciliation and Accurate Reconciliation. The acquisition aims to enhance Trintech’s accounting automation platform and expand its market presence. Fiserv will become a referral partner to Trintech following the deal.
Facts
- Trintech, a Texas-based financial close software provider, has acquired the financial reconciliation business of fintech and payment solutions provider Fiserv.
- Trintech takes ownership of Fiserv’s two reconciliation solutions: Frontier Reconciliation and Accurate Reconciliation.
- Trintech’s existing accounting automation platform will be further developed with the integration of these solutions.
- The acquisition expands Trintech’s client base, with 400 blue-chip clients already using the acquired solutions, including eight top banks and two leading insurance companies in the US.
- Trintech plans to leverage the technology in both North American and international markets, providing complementary product offerings and differentiated solutions.
- Trintech’s CEO, Darren Heffernan, sees accounting automation and financial close as a significant market opportunity, and the acquisition will strengthen their capabilities and partner ecosystem while driving ROI for customers.
- “Key employees” from Fiserv with technical expertise will join Trintech, increasing the software company’s global headcount to nearly 700 employees.
- Fiserv will now serve as a referral partner to Trintech after the deal, continuing their partnership.
