Trintech, a provider of record to report software solutions for companies, has been recapitalised by global growth equity investor Summit Partners.
As a result of the transaction, Trintech’s previous backer Vista Equity will continue to retain a minority stake in the business. The deal will also see Spectrum Equity, which has been an investor in Trintech since 2011, sell its ownership stake.
Headquartered in Dallas, Texas, Trintech is a global provider of integrated, cloud-based Record to Report (R2R) software solutions for the office of finance.
Trintech’s portfolio of financial solutions help manage high volume transaction matching and streamlining daily operational reconciliations, automating and managing balance sheet reconciliations, journal entries, bank fee analysis, reporting, governance, and risk and compliance.
The company has expanded its suit of solutions with the recent acquisitions of Adra Software, which automates and streamlines the financial close process, and Chesapeake System Solutions, a provider of financial transaction account reconciliation and treasury solutions
Over 3,100 clients worldwide, including the majority of the Fortune 100, use the solutions to increase efficiency, reduce costs, and improve governance and transparency throughout the financial close process according to the company.
“With innovative, end-to-end solutions, we believe Trintech is truly transforming the finance and accounting operations of enterprises around the world,” said C.J. Fitzgerald, managing director at Summit Partners. “Trintech is a clear leader in a large addressable market, and we believe there is significant opportunity for continued and accelerated growth – both organically and through opportunistic acquisitions.”
Last year, Summit Partners took part in the $75m Series D round of machine learning cybersecurity developer Darktrace. The company uses its machine learning and AI algorithms to detect and respond to cyber-attacks.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
