Trintech Acquires Chesapeake System Solutions to Enhance its R2R Solutions
FREMONT, CA: Trintech, a provider of integrated Record-to-Report software solutions for financial practice has acquired Chesapeake System Solutions, a firm delivering financial transaction account reconciliation and treasury solutions. The later company will function under the name of Trintech. The partnership is mainly focused on boosting Trintech’s suite of enterprise oriented Record-to-Report (R2R) solutions by integrating its flagship Cloud-based Cadency suite with Chesapeake’s products. Combination of the two company’s products facilitates customers with the most robust solutions targeted at the reconciliation segment of their Financial Close process. It also paves a path for future financial transformation to increase the overall value within their R2R process using Cadency.
“Chesapeake is an innovative, customer focused, and fast-growing organization that complements our mission to serve the Record-to-Report needs of the enterprise marketplace”, states Teresa Mackintosh, CEO, Trintech.
Chesapeake System Solutions is the provider of T-Recs Enterprise for Banking, an account reconciliation workflow software that assists in managing ledger matching, review and approval, general ledger activities and journal entry processes. Additionally, the company offers Unclaimed Property Compliance Systems (UPCS) for unclaimed property, SmartAnalysis banking budgeting analysis, planning and control, SmartTreasury for cash and liquidity management.
Trintech’s Cloud-based Cadency software deals with the aspect of managing all financial close processes ranging from automating and managing journal entries to risk and compliance, governance, and financial reporting. ReconNET effectively organizes the daily operational reconciliations such as credit card and bank transactions.
After acquiring Chesapeake, Trintech will continue to offer and extend support to their products on the global marketplace. The company will also enhance its flagship Record-to-Report software such as Cadency and ReconNET.
“This is great news for our customers and our employees. Trintech shares our philosophy and vision for the future of the market, and we are excited to help expand their industry-leading Cadency suite,” says Peter Vogelberger, CEO, Chesapeake System Solutions.