TRINTECH, THE Nasdaq-quoted Irish financial software firm, has received approaches from a “number of parties” that may lead to a takeover bid for the company.
The directors of the company said that “discussions are at a very preliminary stage and that there can be no certainty that they will lead to any definitive agreement regarding any transaction”.
In a statement released yesterday, Trintech said further announcements would be made as appropriate.
Trintech maintains a Dublin headquarters but is largely run out of Dallas, Texas.
Founded in the 1990s, the company initially focused on electronics payments but, since 2000, has focused on providing financial software in the areas of governance, risk and compliance.
In September 1999, the company was floated on the Nasdaq in New York and the German Neuer market. At the time, Germany was the biggest market for the company’s payments systems.
The stake of brothers Cyril and John McGuire, who co-founded the company, was valued at over $500 million in December 2009.
At lunchtime in New York yesterday, Trintech shares were trading at $5.50, up $0.87 on the day. This values the company at $90.95 million (€69.25 million).
Cyril McGuire, who is chief executive of Trintech, would be the biggest beneficiary of an outright sale of the company as he holds a 20.1 per cent stake in the firm.
Earlier this month Trintech announced its revenues had grown 9 per cent to $17.6 million during the first half of 2010.
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