Acquisition of ATOM by Trovata grants comprehensive treasury management abilities, enabling a transformation in corporate treasury.
Trovata, a leading fintech company, has made a significant move in the treasury technology market with its acquisition of ATOM from Financial Sciences. This acquisition is part of Trovata's mission to transform how companies manage cash and risk.
The acquisition integrates ATOM's sophisticated treasury management features into Trovata's cloud-native platform. This includes support for debt and investment instruments, intercompany transactions, in-house bank support, credit facilities, FX hedging, and comprehensive payment workflows. With this integration, Trovata positions itself as a viable alternative to traditional treasury management systems (TMS) by offering advanced features that can meet the complex needs of large global enterprises.
This move represents a generational shift in treasury technology, as Trovata is now the first modern TMS alternative to legacy systems. There hasn't been a new TMS built in nearly three decades, making Trovata a pioneer in offering a cloud-native treasury platform with meaningful scale.
In conjunction with the acquisition, Trovata secured a $9 million strategic extension to its Series B funding round from State Street Corporation and The PNC Financial Services Group, Inc. This investment brings Trovata's total funding to $80 million, further solidifying its position in the market with backing from major financial institutions.
The integration of ATOM into Trovata challenges traditional industry norms by offering a modern, scalable, and flexible solution for corporate finance and treasury teams. Unlike legacy platforms, Trovata's platform is cloud-native, not just cloud-hosted. The combined offering will deliver unprecedented scale, flexibility, and performance for corporate finance and treasury teams seeking to modernize.
The combined platform is powered by AI, APIs, and now a full TMS suite. Over $50 million of the funding was previously raised from a consortium of financial services companies, including J.P. Morgan, Wells Fargo, National Australia Bank, Capital One Ventures, and Mastercard.
Alf Newlin, Co-Founder and CEO of Financial Sciences, stated that ATOM was built for complexity and designed to serve Fortune 500 treasury teams with global scale. Brett Turner, Founder and CEO of Trovata, echoed this sentiment, stating that this acquisition marks a generational shift in treasury tech. He further added that the combined offering of Trovata and ATOM is setting a new standard in the space overdue for reinvention.
In summary, the Trovata ATOM acquisition sets a new standard for treasury transformation, offering a modern option instead of old ones. The integrated platform, now including a full TMS suite, is transforming how companies manage cash and risk. This acquisition is a significant step forward in the treasury technology market, promising to deliver advanced, scalable, and flexible solutions for corporate finance and treasury teams.
[1] Trovata Press Release: Trovata Announces Strategic Extension to Series B Round and Acquisition of ATOM from Financial Sciences [2] State Street Press Release: State Street Ventures Invests in Trovata to Support Digital Transformation of Corporate Treasury [3] The PNC Financial Services Group Press Release: PNC Ventures Invests in Trovata to Support Digital Transformation of Corporate Treasury [4] Trovata Website: https://www.trovata.com/
- The integration of ATOM from Financial Sciences into Trovata's cloud-native platform expands Trovata.com's offerings, now including a full treasury management suite in the finance and technology sectors.
- With the acquisition of ATOM, Trovata aims to challenge traditional treasury management systems (TMS) in the business industry by offering a modern, scalable, and flexible solution, backed by significant investments from State Street Corporation and The PNC Financial Services Group, Inc.
