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Nachricht vom 03.01.2018 | 18:10
Trintech Announces Growth Equity Investment from Summit Partners
DGAP-News: Trintech, Inc. / Key word(s): Miscellaneous
ADDISON, TX and MENLO PARK, CA / ACCESSWIRE / January 3, 2018 / Trintech, a leading global provider of integrated, cloud-based Record to Report (R2R) software solutions for the office of finance, today announced a majority recapitalization by global growth equity investor Summit Partners. After a period of remarkable growth, existing investor Vista Equity Partners and Trintech management will continue to retain a minority stake in the company.
Trintech's cloud-based software optimizes the Record to Report process for companies across a variety of industries including retail, technology, restaurants, manufacturing, hospitality, finance, healthcare and more. Trintech's clients rely on its integrated, end-to-end solutions to increase efficiency, reduce costs, and improve governance and transparency throughout the financial close process.
This funding comes during a period of strategic organic and inorganic growth, innovation and expansion for Trintech. Over the past two years, Trintech has more than tripled its customer base and today serves over 3,100 clients in more than 100 countries - including the majority of the Fortune 100. Recent acquisitions of Adra Software and Chesapeake System Solutions have broadened the company's portfolio of best-in-class financial solutions to better meet the needs of its existing and prospective customers around the world. The Silicon Review named Trintech as one of the '50 Best Companies to Watch 2017' and CIO
Applications Magazine recognized it as one of the 'Top 25 Governance, Risk and Compliance Technology Providers of 2017.'
'We are excited to welcome Summit Partners to the Trintech team to help us seize the momentum that we built in partnership with Vista and Spectrum,' said Teresa Mackintosh, Chief Executive Officer of Trintech. 'Summit brings tremendous experience in rapid-growth, enterprise-class SaaS businesses, along with a deep and demonstrated expertise in application software.'
'With innovative, end-to-end solutions, we believe Trintech is truly transforming the finance and accounting operations of enterprises around the world,' said C.J. Fitzgerald, Managing Director at Summit Partners. 'Trintech is a clear leader in a large addressable market, and we believe there is significant opportunity for continued and accelerated growth - both organically and through opportunistic acquisitions.'
Peter Rottier, Managing Director at Summit Partners, added, 'Teresa and her team have done an incredible job in driving organic growth and product innovation at Trintech, and they are committed to their customers' success. We are looking forward to working together to build on the momentum they have established, and we're thrilled for the opportunity ahead.'
'We are delighted by Trintech's growth under Teresa's leadership, as well as the strong management team she has built,' said Rob Rogers, Principal at Vista Equity Partners and Co-Head of the Vista Foundation Fund. 'With Summit joining as a partner, we are confident that Trintech's best-in-class technology and extraordinary team will continue to lead the market.'
Adam Margolin, board member from Spectrum Equity, which has been an investor in Trintech since 2011 and will be selling its ownership stake noted, 'We are extremely grateful to the Trintech team for all of the value created through product innovation, market share gains and revenue growth over the past seven years. We wish the Trintech management team and shareholders well in this next stage of growth at the company.'
William Blair acted as exclusive financial advisor to Trintech in the transaction. Financing was provided by Golub Capital.
Trintech, Inc. pioneered the development of Financial Corporate Performance Management (FCPM) software to optimize the Record to Report process. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, journal entries, bank fee analysis, reporting, governance, risk and compliance - Trintech's portfolio of financial solutions, including Cadency®, Trintech Disclosure Management®, ReconNET™ and T-Recs®, help manage all aspects of the financial close process. Over 3,100 clients worldwide - including the majority of the Fortune 100 - rely on our cloud-based software to increase efficiency, reduce costs, and improve governance and transparency across global financial organizations.
Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, France, Ireland, Norway, Sweden, Denmark, and the Netherlands, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $14 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors of the economy and has invested in more than 460 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 180 have been acquired through strategic mergers and sales. Notable software companies financed by Summit include Ascentis, Avast, Clearwater Analytics, Calypso Software, Jamf, Gainsight, HelpSystems, Hyperion Solutions, Infor, Perforce Software, SmartSheet and WebEx. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or on Twitter at @SummitPartners.
About Vista Equity Partners
Vista Equity Partners, a U.S.-based investment firm with offices in Austin, San Francisco, Chicago, and Oakland with more than $30 billion in cumulative capital commitments, currently invests in software, data and technology-enabled organizations led by world-class management teams with long-term perspectives.
Vista is a value-added investor, contributing professional expertise and multi-level support towards companies' realization of their full potential. Vista's investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity in private equity investing. For more information, please visit www.vistaequitypartners.com.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For more than 20 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. Representative investments include Ancestry, Bats Global Markets, GoodRx, Grubhub, Lynda.com, SurveyMonkey, Teachers Pay Teachers, Verafin and World-Check. For more information, visit www.spectrumequity.com.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11–12 St. James's Square, London, SW1Y 4LB, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.
Alan H. Fleischmann
SOURCE: Trintech Inc.
|End of News||DGAP News Service|
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