Trintech snaps up Fiserv’s financial reconciliation business
Trintech, a Texas-based provider of financial close software, has acquired the financial reconciliation business of fintech and payment solutions provider Fiserv for an undisclosed sum.
Trintech acquires two reconciliation solutions from Fiserv
The deal will see Trintech take ownership of Fiserv’s two reconciliation solutions, Frontier Reconciliation and Accurate Reconciliation, as the company looks to further develop its existing accounting automation platform.
Trintech says 400 blue-chip clients are already using the solutions, including eight top banks and two leading insurance companies in the US.
While continuing to provide services to the solutions’ current client base, Trintech aims to combine the tech with “complementary product offerings and differentiated solutions” across both North American and international markets.
“In this era of intense digital transformation, accounting automation, reconciliations and financial close represent a significant market opportunity,” comments Darren Heffernan, CEO of Trintech, which boasts over 35 years of experience in automation, reconciliations and financial close processes.
“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,” adds Heffernan.
As is the nature of such acquisitions, Trintech will also on-board “key employees” from Fiserv with “technical expertise supporting these solutions across North America, EMEA and APAC”.
With this, the software company has now increased its global headcount to nearly 700 employees.
Whitney Stewart Russell, president of digital solutions at Fiserv, describes Trintech as “well-positioned to guide the Frontier and Accurate reconciliation business through its next chapter”.
Following the deal, Fiserv will now also serve as a referral partner to Trintech.
