Discovered: $9 Million Gathered and Asset Obtained (ATOM)
In a groundbreaking move, Trovata has announced the acquisition of ATOM, an enterprise Treasury Management System (TMS) from Financial Sciences Corporation. This acquisition marks a generational shift in treasury technology, positioning Trovata as a strong competitor challenging traditional treasury software vendors.
The integration of ATOM's comprehensive features into Trovata's advanced multibank data platform promises unprecedented scale, flexibility, and performance for global finance and treasury teams. The platform is now a modern, cloud-native, and scalable alternative to legacy TMS providers, offering enhanced innovation, faster deployment, and real-time cash and liquidity management tailored for complex, global operations.
Trovata's system, built from the ground up on a serverless, microservices architecture, allows for rapid deployment and instant scalability. It is AI-powered, API-driven, and now includes a comprehensive TMS-suite, designed to transform how companies manage cash and risk.
The acquisition aims to position Trovata to compete directly with legacy incumbents and potentially replace them. Brett Turner, Founder and CEO of Trovata, claims that Trovata is the only true cloud-native treasury platform in the market with meaningful scale.
The strategic extension of $9 million to Trovata's Series B funding round, led by major financial institutions such as State Street and PNC, indicates strong market validation and backing from leading banks. This funding will accelerate adoption and development of the platform, further strengthening Trovata's position in the market.
Alf Newlin, Co-Founder and CEO of Financial Sciences, asserts that ATOM was built for complexity and designed to serve Fortune 500 treasury teams with global scale. He further states that the combination of ATOM's comprehensive and battle-tested treasury system with Trovata's platform architecture and bank distribution model creates a solution that's both powerful and unmatched.
Trovata is dedicated to reengineering cash management, moving beyond spreadsheets and legacy systems to provide real-time visibility, intelligent forecasting, and seamless money movement in a single, unified platform. The platform's AI capabilities and API-driven design ensure that it adapts to the unique needs of each company, providing a customized solution for managing cash and risk.
The total funding for Trovata has been increased to $80 million with this strategic extension. The latest funding round has attracted new investors, including State Street Corporation and The PNC Financial Services Group, further solidifying Trovata's position in the market.
In essence, the acquisition redefines corporate treasury by unlocking full treasury management capabilities on a modern platform, potentially disrupting the TMS market landscape. Trovata's acquisition of ATOM and strategic funding mark a significant step forward in modernizing and democratizing treasury technology.
The acquisition of ATOM by Trovata revolutionizes finance and business by integrating advanced treasury management technology into their platform, offering a modern, flexible, and scalable cloud-native treasury solution. This system, with its AI-powered, API-driven, and comprehensive TMS-suite, aims to displace traditional treasury software providers.
The strategic funding round of $9 million, led by State Street and PNC, strengthens Trovata's position in the market and fuels the adoption and development of their innovative platform, potentially redefining corporate treasury and disrupting the traditional treasury management system market landscape.
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