DALLAS, DUBLIN, Ireland and BOSTON, Jan. 18, 2011 (GLOBE NEWSWIRE) -- Trintech, a leading global provider of integrated software solutions for the Last Mile of Finance, is pleased to confirm the appointment of Paul Byrne as Chief Executive Officer following the recent acquisition of the Company by Spectrum Equity Investors. Trintech will otherwise retain its existing operating and management structure and will utilize the investment by Spectrum to accelerate the growth of its suite of financial process automation solutions, increase its leadership position in its core markets, as well as to develop new products and markets to capitalize on the rapidly evolving global opportunity.
Mr. Byrne had served as President of the Company from 2005 to 2010, during which time he successfully led the transformation of Trintech from an infrastructure payments company to a rapidly-growing leader in financial governance, risk and compliance. He accomplished this through the divestment of the payments business and the development and global marketing of an integrated suite of applications designed to automate the Last Mile of Finance, including data collection, account reconciliation, financial close management and financial reporting.
Regarding the acquisition, Mr. Byrne stated, "We are extremely pleased to have Spectrum make this strategic investment in the company. The Office of Finance is increasingly coming under scrutiny and pressure from authorities and auditors. Financial executives must have full visibility over the accounting process to ensure it is managed in a diligent, controlled, and compliant manner. Trintech solutions have never been more important to our clients with the competing demands for a faster close with increasing compliance requirements."
"This change of ownership comes at an opportune time for Trintech, as we look to accelerate our growth, both organically and through acquisition, to enable us to anticipate and deliver upon our clients' continually evolving requirements for a robust scalable solution that meets the demands of today's finance departments", he added.
"Trintech is a perfect fit for Spectrum, given our focus on rapidly growing, profitable providers of technology services," said Chris Mitchell, Managing Director of Spectrum Equity Investors. "The company's ability to provide visibility, control and a reliable 'single version of the truth' provides unique value to clients around the world. Furthermore, unlike traditional ERP solutions which are renowned for being inflexible and IT resource heavy, Trintech's approach with a 'finance managed by finance' solution leads the field."
Adam Margolin of Spectrum added, "We were extremely impressed with the vision and track record of the management team during our evaluation. We are delighted that the team is continuing with the Company and we are excited about the opportunity to support Paul and the rest of the management team as they grow and expand the business."
About Spectrum Equity Investors:
Spectrum Equity Investors is a private equity firm focused on investing in profitable, growing businesses in the IT, media, and communications industries. Founded in 1994 with offices in Boston and California, Spectrum manages over US$4.5 billion in capital across six funds. Spectrum invests behind strong management teams and provides active board-level assistance to help create and realize value. Spectrum has been an active investor in software and electronic information service providers such as Ancestry.com, iPay Technologies, ITA Software, Passport Health Communications, RiskMetrics, Seisint, SurveyMonkey, and World-Check.
About Trintech:
Trintech is the leading global provider of integrated software solutions for the Last Mile of Finance. From the time a transaction occurs to the time financial statements are issued, Trintech's innovative Unity Suite automates data collection, account reconciliation, financial close management, financial reporting, XBRL, and financial control testing. As a result, our 600 clients and 100,000 users worldwide benefit from an enterprise wide view into critical financial processes, and are able to increase efficiency, improve visibility, shorten cycle times, lower costs, and reduce risk.
Trintech clients include 50% of the Fortune 50 and nearly 25% of the Fortune 500 representing retailers, manufacturers, financial institutions and healthcare providers in the United States, the United Kingdom, the Republic of Ireland, Europe, and Australia. Trintech clients include Intel, Google, Microsoft, RR Donnelly, Regis Corporation, Walmart, O2, Blackstone, Lloyds TSB and Toyota Financial Services.
Spectrum Equity Investors acquired Trintech in a take-private transaction in December, 2010.
For more information on how Trintech can help you transform your Last Mile of Finance, please contact us online at www.trintech.com or at our principal business office in Dallas, Texas, or through an international office in Ireland, the United Kingdom, or the Netherlands.
Trintech • 15851 Dallas Parkway, Suite 900 • Addison, TX 75001 • Tel 1 972 701 9802
Trintech UK, Ltd. • 2nd Floor • 4-6 Throgmorton Avenue • London EC2N 2DL
Tel: +44 (0) 20 7628 5235 • EMEA Support +44 (0) 8706 260729 • Fax: +44 (0) 20 7638 5934
Trintech Technologies Limited • Suite 13B, Classon House, Dundrum Business Park • Dublin 14, Ireland • Tel +353 1 298 4472
Trintech • Cypresbaan 9 • 2908 LT Capelle a/d Ijssel, The Netherlands • Tel +31 (0) 10 8507 474