Discovered: $9 Million Gathered, and the purchase of ATOM has been made.
Trovata Acquires ATOM: A Generational Shift in Treasury Technology
In a move that is set to reshape the treasury management market, Brett Turner, Founder and CEO of Trovata, has announced the acquisition of ATOM from Financial Sciences Corporation. This acquisition significantly enhances Trovata's treasury management system (TMS) capabilities, positioning it as a modern, cloud-native alternative to legacy TMS providers.
ATOM, an enterprise-grade TMS, brings deep features such as debt and investment management, intercompany transactions, in-house bank support, FX hedging, and full domestic/international payment workflows to Trovata's platform. This integration will offer corporate finance and treasury teams unprecedented scale, flexibility, and performance.
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. Trovata's system, built on a serverless, microservices architecture, allows for rapid deployment and instant scalability.
The acquisition has also strengthened Trovata's financial backing. It has attracted a $9 million strategic extension to its Series B round from major financial institutions such as State Street and PNC, deepening its relationships with top-tier banks and expanding its market credibility.
Trovata plans to initially graft ATOM into its platform and eventually fully rework it into a seamless, modern treasury solution aligned with its brand. This move enables Trovata to serve larger, global enterprise clients (including Fortune 500 companies) with more complex treasury needs, bridging gaps between cash management functions and legacy systems that often relied on manual processes or outdated technology.
Turner mentioned that Trovata pioneered corporate banking APIs and is the only true cloud-native treasury platform in the market with meaningful scale. The acquisition aims to modernize and democratize treasury technology, fueling competition against entrenched legacy providers by delivering a next-generation, cloud-first TMS designed for complexity and global scale.
This is likely to stimulate innovation, improve efficiency, and offer treasury departments more integrated, scalable solutions. Key impacts include the expansion of Trovata’s feature set to full treasury management beyond cash reporting and forecasting, the ability to attract and serve large enterprises demanding comprehensive treasury capabilities, and the potential disruption of the legacy TMS market with a modern, cloud-native platform optimized for scale and flexibility.
The acquisition of ATOM marks a generational shift in treasury technology, positioning Trovata as a leader in the modernization and democratization of treasury management.
[1] FinSMEs. (2022, February 1). Trovata raises $9M in Series B extension to modernize and democratize treasury technology. Retrieved from https://www.finsmes.com/2022/02/trovata-raises-9m-in-series-b-extension-to-modernize-and-democratize-treasury-technology.html
[2] Fintech Global. (2022, February 1). Trovata raises $9 million to modernize treasury technology. Retrieved from https://fintechglobal.com/2022/02/01/trovata-raises-9-million-to-modernize-treasury-technology/
[3] Business Wire. (2022, February 1). Trovata Secures $9 Million Strategic Extension to Series B Funding Round. Retrieved from https://www.businesswire.com/news/home/20220201005388/en/Trovata-Secures-9-Million-Strategic-Extension-to-Series-B-Funding-Round
[1] This acquisition by Trovata of ATOM signifies a significant advancement in the realm of business finance, as it integrates cutting-edge technology into treasury management.
[2] The merger of ATOM with Trovata's technology will revolutionize the financial landscape, particularly in the field of business technology, by offering unprecedented scalability, flexibility, and performance.
