Trintech buys DataFlow Services
14 November 2003 | 2846 views | 0
Dublin-based payments software vendor Trintech has acquired DataFlow Services, a Dallas-based provider of financial data aggregation and reconciliation services, for a maximum consideration of $5 million.
DataFlow aggregates bank account statement data and delivers it to customers daily in electronic form. The Company employs 39 staff and currently has 90 customers.
The deal comprises initial cash consideration of $3 million, 150,000 American Depositary Shares (ADSs) issued from Trintech Treasury Shares, with an approximate value of $570,000, and a performance based earn out over two years, which is estimated at $1.5 million.
Cyril McGuire, CEO, Trintech, says the acquisition is part of Trintech's move into the funds management market: "It will allow us to accelerate the growth of our recently launched statement delivery service, which is an important component in the execution of our strategic plan for this business."