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.
*Transaction completed by WHA professional while at previous firm.