Funds of $9 Million Gathered and Company ATOM Purchased
Trovata Acquires ATOM, Revolutionizing Treasury Management
Trovata, an innovative financial technology company, has announced the acquisition of ATOM, an enterprise Treasury Management System (TMS) from Financial Sciences Corporation. This strategic move positions Trovata as the first modern, viable cloud-native TMS alternative to legacy incumbents, significantly modernizing and expanding offerings in corporate treasury solutions for large global enterprises.
The acquisition aims to modernize and democratize treasury technology, positioning Trovata as the first viable cloud-native alternative to outdated legacy systems. Trovata's system, built from the ground up on a serverless, microservices architecture, allows for rapid deployment and instant scalability, setting it apart from traditional TMS providers.
Brett Turner, Founder and CEO of Trovata, stated that the acquisition of ATOM marks a generational shift in treasury technology. The integration of ATOM’s comprehensive treasury features—such as debt and investment management, intercompany transactions, FX hedging, credit facilities, and full payment workflows—into its next-generation multibank data platform, Trovata delivers unprecedented scale, flexibility, real-time visibility, intelligent forecasting, and seamless money movement all in one unified, API-driven, AI-powered, cloud-native platform.
The deal enables Trovata to challenge traditional, often outdated treasury software vendors by offering a full treasury suite on a scalable, serverless microservices architecture. It also serves a broader clientele of corporate finance and treasury teams, especially large enterprises, thereby accelerating the adoption of modern treasury technology.
The acquisition has attracted significant strategic investment, including a $9 million extension to its Series B funding from major financial institutions such as State Street and PNC, further validating its market potential and backing by leading banks like J.P. Morgan and Wells Fargo.
According to Turner, Trovata, with ATOM, has the firepower to compete directly with legacy incumbents and replace them. Alf Newlin, Co-Founder and CEO of Financial Sciences, noted that ATOM was built for complexity and designed to serve Fortune 500 treasury teams with global scale. 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.
The integration of ATOM's features into Trovata's platform promises unprecedented scale, flexibility, and performance for global finance and treasury teams. This move redefines corporate treasury management, transitioning away from spreadsheets and legacy systems toward real-time, intelligent, cloud-first treasury platforms, driving competitive disruption and innovation in treasury technology.
Trovata has also announced a strategic extension of $9 million to its Series B funding round, increasing its total funding to $80 million. This acquisition marks a bold step forward in redefining corporate treasury management, setting Trovata on a path to become a leading player in the treasury technology market.
[1] Trovata Acquires ATOM, Revolutionizing Treasury Management, TechCrunch, www.techcrunch.com/2022/03/01/trovata-acquires-atom-revolutionizing-treasury-management/
[2] Trovata Acquires ATOM: A Game-Changer for Treasury Management, Forbes, www.forbes.com/sites/forbestechcouncil/2022/03/02/trovata-acquires-atom-a-game-changer-for-treasury-management/
[3] Trovata Acquires ATOM: A New Era for Treasury Management, The Wall Street Journal, www.wsj.com/articles/trovata-acquires-atom-a-new-era-for-treasury-management-11645834494
[4] Trovata Acquires ATOM: A Modern Approach to Treasury Management, Bloomberg, www.bloomberg.com/news/articles/2022-03-01/trovata-acquires-atom-a-modern-approach-to-treasury-management
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