Summit Partners and Vista Equity are sounding out investment bankers for a possible sale of financial software company Trintech.
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The two venture capitalists have hired Deutsche Bank to handle the sale process, which is expected to fetch $2 billion, Reuters reported, citing anonymous sources familiar with the matter.
Trintech is a provider of cloud-based financial close technology for the Office of the CFO and generates annual revenue of around $200 million and pre-tax profit of around $90 million. The $2 billion price would represent 20 times annual profit.
Summit Partners acquired a majority stake in Trintech in 2018 from Vista Equity Partners, which first invested in the American financial software provider in 2015.
In July last year, Trintech – which serves 4,200 organizations worldwide – acquired two voting business units from Fiserv, increasing its headcount to nearly 700 and expanding its customer base to include more than 400 blue-chip clients around the world, including eight of the top 10 banks and two of the top three insurance companies in the United States.
