Trintech , a leading global provider of cloud-based payments and finance technologies for the office of the CFO, announced the acquisition of Frontier Reconciliation and Accurate Reconciliation from Fiserv , a leading global provider of fintech and payments solutions. The acquired reconciliation business, which serves customers across multiple industries including financial services, telecom, retail, insurance and utilities, will serve as a springboard for innovation and expand Trintech’s accounting automation platform.
The acquisition gives Trintech two leading voting solutions that further expand the company’s service portfolio. Trintech has over 35 years of experience innovating automation, reconciliation and financial close processes. The addition of Frontier Reconciliation and Accurate Reconciliation, used by more than 400 blue-chip customers worldwide, including eight of the top 10 banks and two of the top three insurance companies in the US, will enable these new customers to benefit from complementary product offerings and differentiated solutions in key American and international markets, and Fiserv will continue to provide solutions and services to many of these customers.
“In this era of intense digital transformation, automation of accounting, reconciliation and financial closes represent a significant market opportunity. This acquisition positions Trintech to offer even more compelling financial closes, expand the reach of our partner ecosystem and deliver an impressive ROI for our customers ,” said Darren Heffernan , CEO of Trintech . “It is also the latest example of our holistic growth strategy. This strategy has two objectives: rapid expansion into key vertical markets and continuous innovation and talent recruitment We are very excited to round out Trintech’s market-leading portfolio with this powerful addition.”
The acquisition also includes the addition of key employees with technical expertise supporting these solutions in North America, EMEA and APAC, which will grow Trintech‘s global workforce to nearly 700. New and existing customers not only benefit from enhanced technical talent and skills, but also gain access to Trintech’s partner ecosystem of leading technology and service providers. Additionally, Trintech is expanding its global footprint and ability to expand into new international markets through an exclusive referral agreement with Fiserv.
“Trintech is well positioned to lead the Frontier and Accurate businesses through the next chapter. We are confident it will provide our customers with excellent service and support for their businesses,” said Whitney Stewart Russell , President of Digital Solutions, Fiserv. “We are excited about the partnership we have established with Trintech and look forward to supporting our customers as a Referral Partner in the future.”
SOURCE: PRNewswire