US-based private equity companies Summit Partners and Vista Equity Partners are potentially looking to sell their financial software company Trintech for up to $2bn, including debt.
The Texas-based software company generates around $200m in annual revenue and $90m in earnings before interest, taxes, depreciation, and amortisation, reported Reuters.
Summit Partners and Vista Equity Partners are working together with investment bankers at Deutsche Bank on a potential sale that could attract other private equity firms.
Also, the American private equity companies are expecting a valuation that is equivalent to more than 20 times the core profits of Trintech.
Trintech provides cloud-based financial software solutions to finance and accounting departments at corporations, to improve their business performance.
The company serves around 4,200 organisations across several industry sectors, including retail, technology, and manufacturing.
Last year, Trintech acquired Frontier Reconciliation and Accurate Reconciliation from financial technology and services provider Fiserv, earning 400 new customers as part of the deal.
The acquisition includes the transfer of employees with technical expertise supporting the solutions across North America, EMEA, and APAC.
In June this year, Trintech announced the expansion of its operations in India with a new location in Bengaluru, a significant addition to its existing facilities in Noida and Pune.
The company appointed Ram Dwivedi as the Country Manager for India, who is experienced in managing product engineering teams and establishing R&D operations.
