Trintech Group Announces Acquisition of Assurity Technologies Inc.
Dallas, Texas/Dublin, Ireland - 1 March, 2006 - Trintech Group Plc (NASDAQ: TTPA), a leading provider of transaction reconciliation and payment infrastructure solutions, today announced the acquisition of Assurity Technologies Inc., a private company, for a total consideration of up to $5 million.
The consideration comprises initial cash consideration of $2 million and a performance based earn out over three years, which is estimated at between $2 million and $3 million. Trintech expects that the transaction will be accretive to earnings for the second half of the current fiscal year excluding the impact of any amortization of the purchase price.
Assurity Technologies Inc. is a Kansas based private company. Assurity provides an enterprise process management system for general ledger account reconciliation, review and certification. The product, AssureNET is designed to increase workflow efficiencies and mitigate risk by strengthening internal controls to support Sarbanes-Oxley compliance programs. The company was established in 2004 and employs 7 staff and services 6 customers. In 2005, Trintech formed a strategic partnership with Assurity.
Commenting on the acquisition, Cyril McGuire, CEO of Trintech said, “This acquisition of Assurity Technologies is another step in Trintech’s growth strategy in the reconciliation and risk management market. It will allow us to accelerate the growth of our flagship product ReconNET into new markets, which is an important component in the execution of our strategic plan for this business.” Paul Byrne, President, added “The acquisition strengthens our market position with customers benefiting from AssureNET functionality being integrated into Trintech’s ReconNET, to provide an end-to-end solution for general ledger account reconciliation, review, certification and risk management for every business.”
“We are confident that as part of Trintech, we can provide the best combination of service, expertise and value to our customers and partners,” said Heather Lynds, President of Assurity Technologies. ”Trintech’s global reach, sales and marketing expertise and reputation for secure reliable performance and quality service is the ideal partner platform to scale and grow the business into new markets globally".
This acquisition reinforces Trintech’s commitment to the Funds Management System market, which is a key focus for growth in 2006. Further information on this acquisition will be given to Trintech’s fourth quarter earnings call on Wednesday, March 1st, 2006.
About Trintech FMS
Trintech Funds Management Systems (FMS), a division of Trintech Group, provides comprehensive, industry-leading solutions, specializing in transaction verification, reconciliation, process management and compliance. Trintech’s suite of products includes the ReconNET reconciliation product suite, AssureNET GL for managing general ledger reconciliation and compliance, Treasure eNET - an ASP hosted treasury workstation, Bank Fee Analysis, and the DataFlow Transaction Network for data collection and delivery. Trintech’s solutions are optimizing performance in over 400 leading companies in the banking and finance, convenience store and grocery, entertainment, hospitality, insurance, restaurant, retail, telecommunication, and utility industries. Clients include: Bank of America, 7-Eleven, Kroger, Regal Entertainment, Accor, Farmer’s Insurance Group, YUM! Brands Restaurants, Radio Shack, Verizon Wireless, and Ameren. The FMS division is headquartered in Dallas, Texas. For more information visit Trintech online at www.trintech.com/fms or call 972-701-9802.
Trintech is a leading provider of transaction reconciliation and payment infrastructure solutions to retailers, financial institutions, payment processors and network operators globally. Built on 18 years of experience, Trintech’s solutions manage each area of the payment transaction cycle from authentication, authorization, settlement, dispute resolution and reconciliation - enabling its customers to reduce transaction costs, eliminate fraud, minimize risk, maximize cashflow and increase profitability. Trintech can be contacted in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: +353 1 2074000), in the US at 15851 Dallas Parkway, Suite 855, Addison, TX 75001 (Tel: +1 972 701 9802), in Uruguay at Technology & Business Park, Zona America - Ruta 8 Km. 17.500, Of. 006 - Local 310, ZIP 91.600, Montevideo (Tel: + 598 2 518 2250), in the UK at Beaconsfield Close, Hatfield, Hertfordshire, AL 10 8YZ (Tel: +44 (0) 1707 632 900) and on the web at www.trintech.com.
This news release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any “forward looking statements” in this press release are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. “Forward looking statements” in this press release include statements, among others, relating to the estimated dollar amount of the performance based on earn out, the expectation that the transaction will be accretive to earnings for the second half of the current fiscal year excluding the impact of any amortization of the purchase price, and the impact of the acquisition of Assurity on the execution of Trintech’s strategic plan, including accelerating growth of ReconNET into new markets and strengthening market position. Factors that could cause or contribute to such differences include Trintech’s ability to accurately predict future sales, its ability to accurately predict and meet customer needs and to successfully position itself in the market, Trintech’s ability to ensure the performance of its products and services, and its ability to improve the performance of its organization and execute on its strategic plan. Actual performance may also be affected by other factors more fully discussed in Trintech’s Form 20-F for the fiscal year ended January 31, 2005 and Form 6-K for the quarter ended October 31, 2005, filed with the US Securities and Exchange Commission (www.sec.gov). Lastly, Trintech assumes no obligation to update these forward-looking statements.
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