Trintech Acquires Financial Reconciliation Business from Fiserv

Rhea-AI Summary

Trintech acquires Frontier Reconciliation and Accurate Reconciliation from Fiserv to enhance its financial close automation capabilities. The acquisition brings in 400 blue-chip clients and expands Trintech's accounting automation platform.

Positive

• Trintech gains two leading reconciliation solutions, expanding its portfolio of capabilities.
• The acquisition brings in 400 blue-chip clients, including top banks and insurance companies.
• Trintech's partner ecosystem and global presence are expanded through the acquisition.
• The acquisition strengthens Trintech's position in the market and drives ROI for its customers.

Negative

• None.

Financial close automation leader bolsters capabilities for an additional 400 blue-chip clients to drive ROI for the Office of the CFO

DALLAS, July 25, 2023 /PRNewswire/ -- Trintech, a leading global provider of cloud-based financial close solutions for the Office of the CFO, today announced its acquisition of Frontier™ Reconciliation and Accurate™ Reconciliation from Fiserv (NYSE: FI), a leading global provider of fintech and payments solutions. Serving customers across multiple verticals including financial services, telecommunications, retail, insurance and utilities, the acquired reconciliation business will act as a springboard for innovation, expanding Trintech's accounting automation platform.

Through the acquisition, Trintech gains two leading reconciliation solutions, further enhancing the company's portfolio of capabilities. Trintech brings over 35 years of global innovation in automation, reconciliations and financial close processes. The addition of Frontier Reconciliation and Accurate Reconciliation, used by more than 400 blue-chip clients across the globe, including eight of the top ten banks and two of the top three insurance companies in the United States, enables these newly acquired clients to benefit from complementary product offerings and differentiated solutions across key U.S. and international markets. Fiserv will continue to deliver solutions and services to many of these clients.

"In this era of intense digital transformation, accounting automation, reconciliations and financial close represent a significant market opportunity. 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," said Darren Heffernan, CEO of Trintech. "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 prioritization of continuous innovation and talent recruitment. We are thrilled to add this powerful complement to Trintech's market-leading portfolio."

The acquisition also includes the addition of key employees with technical expertise supporting these solutions across North America, EMEA and APAC, bringing Trintech's global headcount to nearly 700. New and existing customers benefit not only from expanded technical talent and capabilities but also by gaining access to Trintech's partner ecosystem of leading technology and service providers. Additionally, as part of an exclusive referral agreement with Fiserv, Trintech expands its global presence and capabilities into new international markets.

"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," said Whitney Stewart Russell, President of Digital Solutions, Fiserv. "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."

About Trintech

Trintech, a leading global provider of cloud-based, integrated reconciliation and financial close solutions for Finance & Accounting departments. From high volume transaction matching, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, close management tasks, to governance, risk and compliance – Trintech's portfolio of financial solutions, including its Cadency^® Platform (for large enterprises) and Adra^® Suite (for mid-market organizations), help manage all aspects of the reconciliation and financial close processes. Trintech's excellence in both innovation and client support have been recognized with a variety of awards over the years including most recently "Easiest to Do Business With" and "Fastest Implementation" in G2's Fall 2022 Report. Over 4,200 clients worldwide – including the majority of the Fortune 100 – rely on Trintech's solutions to enable their F&A operation to become a strategic partner to the business by optimizing data, controlling risk, driving efficiencies, and providing strategic insights. 

Headquartered in Plano, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Germany, Ireland, the Netherlands, and the Nordics, as well as strategic partners in South Africa, Latin America, and the Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook, Twitter and Instagram.

About Fiserv

Fiserv, Inc. (NYSE: FI) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World's Most Admired Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

Media Contact:
Kelli Shoevlin
Director, Global Corporate Marketing & Communications
kelli.shoevlin@trintech.com 

Media Contact:
Britt Zarling
SVP, Corporate Communications
Britt.Zarling@Fiserv.com

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SOURCE Trintech Group Plc

FAQ

What did Trintech acquire from Fiserv?

Trintech acquired Frontier Reconciliation and Accurate Reconciliation from Fiserv.

How many clients did the acquisition bring to Trintech?

The acquisition brought in 400 blue-chip clients.

Which industries do Trintech's clients belong to?

Trintech's clients belong to multiple verticals including financial services, telecommunications, retail, insurance, and utilities.

What are the benefits of the acquisition for Trintech's clients?

The acquisition provides expanded product offerings, complementary solutions, and access to Trintech's partner ecosystem.

What is the impact of the acquisition on Trintech's global presence?

The acquisition expands Trintech's global presence and capabilities into new international markets.