European treasury management software vendor Trema has secured EUR8m in a funding round led by new investor Investcorp, which has also bought out company founder Kaj Hed's stake in the firm.
Trema CFO Paul Wheeler told Finextra that Investcorp put forward EUR4m in the round, with existing investors The Carlyle Group, ABS Ventures and Norsk Vekst adding the remaining EUR4m.
Michèle Fitzpatrick, CEO of Trema, says the new EUR8m financing will enable the firm to expand the scope of Trema's product suite and its presence outside Europe.
Investcorp also bought out Hed's stake in the firm in a separate transaction, although details were not disclosed. Hed stepped down as CEO in September 2003 and later had a seat on the company's board of directors.
Wheeler says Investcorp was selected as an investment partner because of its geographical presence in the US and Middle East markets and because the firm has similar investments in other financial IT companies.
Investcorp has appointed two directors to the Trema board, Richard Fuller and Dirk Schmücking.