Deals Done | 03 Mar 2008 :
Financial solutions group Trintech has acquired Movaris, the risk and compliance solutions provider. The $5 million sale was due being finalised as Irish Computer went to press. Movaris is a pioneer in governance, risk and compliance processes. The California based firm has over 80 enterprise customers for its products, which streamline the process of turning aggregated financial and operational information into public financial statements.
Commenting on Trintech's acquisition, John Van Decker of IT analysis and advisory specialist Gartner, noted: "When considering the automation and unification of critical financial processes, such as account reconciliations, SOX compliance and financial close, the whole is greater than the sum of its parts. These activities are all highly dependent on each other and, when unified, create new insights and return on investment savings."
Trintech is paying $5 million in cash for Movaris and is issuing 1.25 million Trintech American Depositary Shares (ADSs) or, at the option of Movaris shareholders, the cash equivalent value of such ADSs, plus a potential contingent payment in early 2010.
Trintech CEO Cyril McGuire commented: "The acquisition of Movaris is a key milestone in our growth strategy to be the premier provider of financial applications for governance, risk and compliance for CFOs and other senior financial professionals."
Movaris CEO Eric Keller added: "As part of Trintech, we will have the complementary applications as well as the resources to be a leading provider of financial governance solutions."