Trintech, a Plano-based global provider of cloud-based financial close solutions for the Office of the CFO, has acquired Frontier Reconciliation and Accurate Reconciliation from Fiserv, a leading global provider of fintech and payments solutions.
“In this era of intense digital transformation, accounting automation, reconciliations and financial close represent a significant market opportunity,” Trintech CEO Darren Heffernan said in a statement. “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,” Heffernan added, “one which places a dual mandate on rapid expansion into key verticals and the prioritization of continuous innovation and talent recruitment. We’re thrilled to add this powerful complement to Trintech’s market-leading portfolio.”
Financial details of the acquisition were not disclosed.
Trintech said the acquired reconciliation business will act as a springboard for innovation, expanding Trintech’s accounting automation platform. Fontier and Accurate serve customers across multiple verticals including financial services, telecommunications, retail, insurance, and utilities.
Via the deal, Trintech gains two leading reconciliation solutions, further enhancing its portfolio of capabilities.
Trintech brings more than 35 years of global innovation in automation, reconciliations, and financial close processes.
Benefits of the deal
Frontier Reconciliation and Accurate Reconciliation are used by more than 400 blue-chip clients worldwide, including eight of the top 10 banks and two of the top three insurance companies in the U.S., Trintech said. The deal enables these newly acquired clients to benefit from complementary product offerings and differentiated solutions across key U.S. and international markets, Trintech said.
Fiserv will continue to deliver solutions and services to many of these clients, the company said.
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, the company said.
Trintech said that 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.
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,” Whitney Stewart Russell, president of Digital Solutions, Fiserv, said in a statement. “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.”
Trintech is a leading global provider of cloud-based, integrated reconciliation and financial close solutions for finance and accounting departments.
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