Trintech, the Irish sortware company, has announced the acquisition of CW & Associates, Inc, an American company based in Dallas which provides banking software, for $5 million.
The cost of purchasing CW & Associates, Inc. includes an initial cash consideration of $3 million,150,000 American Depositary Shares (ADSs) and performance-based earnings over two years, estimated to be worth $1.5 million.
"This acquisition of DataFlow is another step in Trintech's growth strategy in the funds and cash management market," Mr Cyril McGuire, CEO of Trintech said,
"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."
The acquisition reinforces Trintech's commitment to the Funds Management System market a key target market for the company.