Trintech, a US-based cloud-based, integrated reconciliation, and financial close solutions provider, has announced the acquisition of Frontier Reconciliation and Accurate Reconciliation from fintech and payments solutions provider Fiserv.
The terms of the deal were not disclosed.
According to Trintech, the acquisition of the financial reconciliation business will support the expansion of its accounting automation platform. The business caters to various verticals including telecommunications, financial services, retail, insurance, and utilities,
Frontier Reconciliation and Accurate Reconciliation is said to be leveraged by over 400 blue-chip clients around the world, including eight banks and two major insurance companies in the US.
The transaction will allow the newly acquired clients to gain from the complementary product offerings and differentiated solutions across key US and global markets.
Besides, the acquisition includes the addition of employees with technical expertise supporting the solutions across North America, EMEA, and APAC.
It will increase Trintech’s global headcount to approximately 700, said the financial close solutions provider.
Based in Texas, Trintech offers a suite of financial solutions, including its Cadency Platform for large enterprises and Adra Suite for mid-market organisations, to manage all aspects of the reconciliation and financial close processes.
Trintech CEO Darren Heffernan said: “This acquisition positions Trintech to provide even more compelling financial close capabilities, broaden the reach of our partner ecosystem and drive impressive ROI for our customers.
“It’s also the latest illustration of our holistic growth strategy – one which places a dual mandate on rapid expansion into key verticals and the prioritisation of continuous innovation and talent recruitment.”
Furthermore, Trintech will expand its global presence and capabilities into new international markets as part of an exclusive referral agreement with Fiserv.
Fiserv digital solutions president Whitney Russell said: “Trintech is well-positioned to guide the Frontier and Accurate reconciliation business through its next chapter, and we are confident they will provide excellent service to our clients and support for their businesses.
“We are excited about the partnership we have built with Trintech and look forward to serving clients through our future relationship as a referral partner.”
