Trema raises EUR22.5 million as it bids for top tier
28 May 2002 | 1688 views | 0
Treasury systems outfit Trema has raised EUR22.5 million in additional funding, as it bids to expand market share and cater for the requirements of top tier financial institution customers.
The funding round was led by Carlyle Europe Venture Partners, and includes a follow-up investment from DB Capital Venture Partners, as well as Trema's founders. The investment comes on the back of a reported 43% growth in 2001 revenues reflecting a record number of new blue chip customers including ABN AMRO, Deutsche Bundesbank and Travelex.
Trema says the funding will be used to service demand from existing markets, expand geographically and cater for the requirements of top tier financial institutions in the investment banking, asset and wealth management and private banking sectors. The vendor says it will also focus on expanding its global alliances with leading professional services organisations and technology firms.
Kaj Hed, co-founder and CEO, Trema Group, comments, "Our relationships with our investors - both our earliest investor Norsk Vekst and more recently DB Capital Venture Partners - have been excellent. They have played an important part in our development particularly as we have moved into new markets. The Carlyle Group will enable us to deliver the clear benefits of our vision, technology and people into new areas - in particular to cater for growing demand from top tier financial institutions."
In February the company launched a new version of its Finance KIT treasury system featuring extended capabilites specifically aimed at large and mid-size banks.