Dublin-based e-commerce technology firm Trintech has completed the sale of its payment systems business to VeriFone Holdings.
Trintech will now focus its strategy on the transaction reconciliation software business.
Last month, Trintech revealed it was selling its payments business to VeriFone for US$12.1m. Subsequently, Trintech reported an increase in revenues at its reconciliation business from US$5.3m last year to US$6m in the second quarter of 2006.
Following the completion of the sale, Trintech says it will focus on being a leading global provider of financial software and technology services.
In particular, Trintech said it will specialise in transaction verification, reconciliation management, process automation and compliance.
“Following this transaction, Trintech is now aggressively focused on expanding and growing its transaction reconciliation software solutions business globally,” the company’s chairman and chief executive Cyril McGuire said.
“We are investing significant capital to deliver new innovative world-class products and services for our growing customer base,” he added.
Trintech president Paul Byrne said that the company recently hired industry veterans in both the financial services and healthcare industries.
Combined with Trintech’s investment and acquisition strategies, Byrne said the appointments are designed to position the Leopardstown-based company to drive profitable growth in both core and new vertical markets.
By John Kennedy