Trintech, an Addison, TX-based financial software solutions provider, has announced an investment from Boston, MA-based private equity firm Summit Partners. Vista Equity, an existing investor in the high-growth fintech company, will maintain a minority position in the company, along with Trintech’s management team.
After a period of rapid growth, the leading global provider of integrated, cloud-based Record to Report (R2R) software solutions for financial professionals will undergo a majority recapitalization by the global growth equity investor. The 25-year-old company optimizes R2R processes for customers across a variety of industries such as retail, technology, restaurants, manufacturing, hospitality, finance and healthcare.
Head by Chief Executive Officer Teresa Mackintosh, a former Wolters Kluwer executive, Trintech’s software collects and processes financial information used to assess business performance and aid management in making strategic decisions. By automating financial processes such as balance sheet reconciliations and financial close accounting processes, the platform’s solutions help organizations boost efficiency, reduce costs and improve governance and transparency.
The SaaS provider was founded in the 1990s in Ireland and purchased by Spectrum Equity in 2011. In October 2015, Vista’s initial investment in the company granted it a majority shareholder position.
Summit Partners, a global alternative investment firm, will buy a majority stake from Vista and Spectrum Equity. Trintech has experienced a period of rapid growth, about doubling its annual revenues from $50 million to $100 million in two years and tripling its customer base to 3,100 clients over the same period. It serves industry leaders such as American Express, Whole Foods Market, Microsoft and Uber Technologies Inc.
Founded in 1984, Summit is investing over $9.5 million into growth equity, fixed income and public equity opportunities. It has invested in over 460 companies across healthcare, technology, life sciences and other growth industries, with a target investment range from $10 million to over $500 million. Notable technology investments include McAfee, Finisar, AVAST, Jamba, Perforce AG, Answers.com, WebEx and E-TEK Dynamics, among others.
In September 2017, Summit provided additional funding to RELEX Solutions, a provider of unified retail planning solutions, after making an initial investment two years prior. Its other portfolio companies include Darktrace, Market Logic Software and Fuze.
Terms of Summit’s most recent deal with Trintech were not disclosed.
The private equity firm will supercharge the R2R market player’s next stage of growth, capitalizing on a market it estimates at $20 billion.
“We are looking at geographic expansion and the size of customer that we target,” said Mackintosh.