Trintech, a leading provider of integrated Record-to-Report software solutions for the office of finance, today announced it has acquired Chesapeake System Solutions, a leading provider of financial transaction account reconciliation and treasury solutions. This transaction broadens Trintech’s suite of enterprise class Record-to-Report (R2R) solutions as it moves to integrate its flagship Cloud-based Cadency® suite with Chesapeake’s products. The combination of Trintech and Chesapeake products offers customers the most robust solutions targeted at the reconciliation portion of their Financial Close process, and positions them for future financial transformation in order to maximize the value within their R2R process using Cadency®. The combined company will operate under the name Trintech.
“Chesapeake is an innovative, customer focused, and fast-growing organization that complements our mission to serve the Record-to-Report needs of the enterprise marketplace,” said Teresa Mackintosh, CEO of Trintech. “Their reconciliation, treasury and cash management solutions are widely respected by customers and broaden Trintech’s already strong Cadency® enterprise product suite.”
Chesapeake System Solutions is the provider of T-Recs® Enterprise and T-Recs® Enterprise for Banking, an account reconciliation workflow software that helps manage general ledger activities, ledger matching, journal entry as well as review and approval processes. Additional Chesapeake solutions include UPCS© for unclaimed property, SmartTreasury® for cash and liquidity management, planning and control, and SmartAnalysis® banking “what-if” budgeting analysis.
“We are thrilled to join an amazing team who, like us, works extremely hard to provide the highest level of customer satisfaction while transforming the systems and processes that make up the Record-to-Report market,” said Peter Vogelberger, CEO of Chesapeake System Solutions. “This is great news for our customers and our employees. Trintech shares our philosophy and vision for the future of the market, and we are excited to help expand their industry-leading Cadency® suite.”
Trintech will continue to offer, support, and extend Chesapeake’s products to the global marketplace as well as its flagship Record-to-Report software including ReconNET™ and Cadency®.
Chesapeake System Solutions provides financial close, transaction matching, cash management, and treasury solutions for the retail, banking, financial services, and insurance industries. Core products are T-Recs account reconciliation workflow software, UPCS unclaimed property compliance software, SmartTreasury financial risk management software, and SmartAnalysis bank statement analysis functionality. To learn more about Chesapeake System Solutions, visit www.chessys.com.
Trintech is a leading provider of financial software solutions for the Record-to-Report process. Over 900 clients in 100 countries – including half of the Fortune 50 and the FTSE® 100 – rely on our solutions to optimize resources, reduce costs, manage risk and monitor activities across the entire finance organization worldwide. Trintech’s Cloud-based Cadency® software manages all aspects of the financial close – from automating and managing balance sheet reconciliation, journal entries, to governance, risk and compliance, and financial reporting. ReconNET™streamlines daily operational reconciliations such as bank and credit card transactions. Trintech has offices located across the US, UK, Australia, France, Ireland, the Netherlands and the Nordics, with partners in South Africa, Latin America and across the Asia Pacific region. www.trintech.com