Trintech Group Plc the provider of integrated financial governance, transaction risk management, and compliance solutions, says it has signed a definitive agreement to acquire Movaris , Inc., a venture-backed company located in San Jose, California, specialising in solutions that integrate and manage the financial close and other governance, risk and compliance processes.
The Movaris solution encompasses SOX Compliance, Financial Close, Account Reconciliation, GRC (Governance, Risk and Compliance) and Enterprise Risk Manager Applications. Movaris has over 80 enterprise customers that span a broad range of industries.
Movaris has led the creation of some of the most advanced and innovative solutions for the "Last Mile of Finance", the phase of financial management prior to public disclosure where aggregated financial and operational information is turned into a set of financial statements, now widely recognized by both industry analysts and domain experts as a critical process within the finance function. In 2007, Movaris expanded upon that original vision and solution to address the emerging concept of the Risk-Optimized Enterprise with the addition of the GRC and Enterprise Risk Manager applications.
"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," commented Cy ril McGuire, Chairman and CEO of Trintech. "The combination of Trintech's existing leadership and world class applications for transaction risk management and account reconciliations together with Movaris' financial governance solutions for the Risk-Optimized Enterprise is intended to provide organizations with a unique and comprehensive suite of financial governance applications that address critical business objectives, deliver strong ROI and informed decision making leading to better overall business performance."
Paul Byrne, President, added, "As more companies reassess their financial governance and performance management initiatives in order to compete and grow, we believe the merging of the Trintech and Movaris product sets and resources is a critical step in helping businesses achieve that goal. Our strategic and competitive positioning is much stronger and we will be a single source of GRC solutions for the CFO and other senior financial professionals in any enterprise. This acquisition is an exciting opportunity for us to provide more value to our existing 500+ customers as well as reach out to an emerging and fast growing market for financial governance solutions targeted at the office of the CFO."
