Trintech got $105m investment from Spectrum and Vista
Published 12/12/2015 | 02:30
Trintech, the payments firm founded by Cyril and John McGuire and sold four years ago for $93m, received an investment of $105m (€95m) as part of an equity injection by existing shareholder US-based Spectrum Partners, and Misys owner Vista Equity, the Irish Independent has learned.
The investment in Trintech was announced in September, but details of the deal weren't disclosed at the time.
Spectrum said at the time that it had "agreed to receive an investment" from Vista Equity Partners, that would enable Trintech to expand its customer base and further accelerate its bookings momentum in the market for financial management applications.
Boston-based Spectrum Equity said that as part of the transaction, it was making a "substantial minority investment" alongside Vista.
Vista, which is headquartered in San Francisco, invested $63.7m in Trintech, it's understood, while Spectrum stumped up the remainder.
Trintech chief executive Paul Byrne said that the company was "excited" to join Vista's family of "elite software and technology-enabled businesses".
Trintech provides cloud-based solutions that automate and control the financial close accounting process within corporations, often referred to as the "last mile of finance".
Trintech generated bookings growth of 140pc in the first half of its financial year, marking eight successive quarters of continued growth. While Trintech is based in Dallas, Texas, it still retains a presence in Ireland.
Trintech was founded in the 1990s by the McGuires and was sold in 2011 to a fund sponsored by Spectrum.
Cyril McGuire said at the time that the acquisition would help to deliver "significant opportunities" for its customers and would enable it to extends its market position in the financial governance, risk management and compliance industry.
Trintech clients include Fortune 500 companies and 37pc of the firms that form part of the Fortune 100 list. It has 200,000 users and handles more than one billion transactions a year in the cloud. Clients range from retailers, banks, healthcare operators and manufacturers to restaurant businesses. Customers include Intel, Microsoft, Coca-Cola, Ralph Lauren, Toyota and BAE Systems.