Trintech, a leading global provider of cloud-based financial close solutions for the Office of the CFO, today announced its acquisition of Frontier Reconciliation and Accurate Reconciliation from Fiserv (NYSE: FI), a leading global provider of fintech and payments solutions.
Serving customers across multiple verticals including financial services, telecommunications, retail, insurance and utilities, the acquired reconciliation business will act as a springboard for innovation, expanding Trintech's accounting automation platform.
Through the acquisition, Trintech gains two leading reconciliation solutions, further enhancing the company's portfolio of capabilities. Trintech brings over 35 years of global innovation in automation, reconciliations and financial close processes. The addition of Frontier Reconciliation and Accurate Reconciliation, used by more than 400 blue-chip clients across the globe, including eight of the top ten banks and two of the top three insurance companies in the United States, enables these newly acquired clients to benefit from complementary product offerings and differentiated solutions across key U.S. and international markets. Fiserv will continue to deliver solutions and services to many of these clients.
"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."
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. 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. Additionally, 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," 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."