Trintech, a global provider of cloud-based financial close solutions for CFO offices, recently announced the acquisition of Frontier Reconciliation and Accurate Reconciliation from Fiserv, a leading global provider of fintech and payment solutions. The acquired Reconciliation business serves clients in multiple industries including financial services, telecommunications, retail, insurance and utilities. It serves as a starting point for innovation and expands Trintech’s accounting automation platform.
Trinitech’s gain from the deal
With this acquisition, Trintech gains two leading reconciliation solutions and further expands its service portfolio. For over 35 years, Trintech has delivered global innovation in automation, reconciliation and financial close processes. Used by over 400 blue-chip customers worldwide, including 8 of the top 10 banks and 2 of the top 3 insurance companies in the U.S., with the addition of Frontier Reconciliation and Accurate Reconciliation, these new customers will benefit from: We offer complementary product offerings and differentiated solutions in key US and international markets. Fiserv continues to provide solutions and services to many of these customers.
“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.”
More details on the deal
The acquisition also includes the addition of key employees with technical expertise to support these solutions in North America, EMEA and APAC, bringing Trintech’s global workforce to approximately 700 people. New and existing customers will not only benefit from enhanced technical talent and skills, but will also have access to Trintech’s partner ecosystem of leading technology and service providers. Additionally, Trintech is expanding its global presence and capabilities into new international markets through an exclusive referral agreement with Fiserv.
“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.”
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