Trintech, Inc. completed the acquisition of Financial Reconciliation Business from Fiserv, Inc. (NYSE:FI) for approximately $240 million.
July 24, 2023
Share
Trintech, Inc. entered into an agreement to acquire Financial Reconciliation Business from Fiserv, Inc. (NYSE:FI) on June 19, 2023. William Blair & Company, L.L.C. acted as financial advisor to Trintech, Inc. Ashwath Rau and John Adwet Raghav of AZB & Partners acted as legal advisor to Trintech, Inc. Amanda C. Border, Jon-Micheal A. Wheat, Andrew Idrizovic, Jeffrey J. Seroogy and Justin Greer of Kirkland & Ellis LLP acted as legal advisor to Trintech, Inc.
Trintech, Inc. completed the acquisition of Financial Reconciliation Business from Fiserv, Inc. (NYSE:FI) for approximately $240 million on July 25, 2023. The net cash proceeds of $232 million, subject to customary adjustments. As per the filling of February 22, 2024, the consideration includes cash proceeds of $235 million. Net proceeds from the sale were primarily used to pay down indebtedness and repurchase shares of common stock.
Fiserv, Inc. specializes in the development and integration of IT solutions for the financial and insurance sectors. Net sales break down by activity as follows:
- on-line banking and investment support (77.7%): solutions for on-line payment, solutions for placing share orders, paying for securities, managing retirement savings plans, etc.;
- financial management (16.6%): transaction and loan management solutions, data treatment, CRM, hosting solutions of online activities and outsourcing services for financial institutions (banks, leasing companies, real estate lending companies, etc.) and insurance companies;
- other (5.7%).
The United States account for 85% of net sales.
FISERV, INC. 
