Trintech Acquire DataFlow Services

Friday 14 November 2003 09:44 CET | News

Trintech has aquired CW & Associates, Inc, trading as DataFlow Services, a private company, for a total consideration of approximately $5 million.

The consideration 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. Trintech expects that the transaction will be immediately accretive to both revenues and earnings excluding the impact of any amortization of the purchase price. DataFlow, based in Dallas, provides a data delivery service supporting customers bank reconciliation processes by aggregating bank account statement data and delivering it to customers daily in electronic form. The Company employs 39 staff and currently services approximately 90 customers of which 60 are also Trintech ReconNET customers. This acquisition reinforces Trintechs commitment to the Funds Management System market, which is a key focus for growth in 2004.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce