Trema targets middle market with Richmond Software acquisition

Trema consolidates its leadership position in treasury market through acquisition of Richmond Software, with expected combined annualised sales of USD 63m.

Customer base grows to 250 blue-chip companies, with increased presence in North America, UK and Germany.

Trema extends product range with two distinct suite offerings to address the specific needs of the high-end and middle market segments respectively.

Sibos, 5th September 2005 – Trema, the leading provider of treasury and asset management software for corporations and financial institutions, today announced the acquisition of the complete issue share capital and assets of Richmond Software.

Richmond Software Ltd (RSL) was founded in London in 1990 and is a leading provider of world-class treasury management solutions for the middle market. Richmond Software is renowned for its expertise in treasury and its strong commitment to customer services, whilst its flagship product suite delivers depth of functionality at a competitive price. Richmond Software has annual sales of USD 7m and a 150-strong customer base which includes Agilent, Harman, Porsche, Sharp Electronics and Warner Music.

Trema enjoys a strong leadership position in the financial institutions market, and the high-end corporate treasury space, where advanced treasury and trading activities are strategic and critical to the company’s bottom line.

The acquisition of Richmond Software follows a year long investigation of the market and its dynamics. With the Richmond product suite, Trema is now able to cover both the high-end space, which has been its traditional stronghold, and the more volume-driven middle market space, where less demanding but more cost efficient packaged solutions are required.

"Our respective product lines each address very distinctive markets, and both companies share similar values and ambitions," said Michèle Fitzpatrick, CEO at Trema. "We believe passionately in the need for specialised domain expertise in treasury and asset management, and want to be known as the most dependable provider of Treasury and Asset Management software. We will continue to invest aggressively in the development and distribution of Richmond Software as our mid-market product offering and expect to make further product announcements on this in the coming months."

The companies expect to complete the practical integration of both businesses within a couple of months, with no disruption. The businesses are naturally well aligned, profitable, and complement each other across the board. All research and development activities for Richmond Software will remain based in the UK, under the direct leadership of Charles Palmer, Founder and Managing Director of Richmond Software, who joins Trema’s executive management board.

"We are thrilled to become part of such a leading company in treasury and asset management technology market," said Palmer. "Trema will allow Richmond to realise its true potential by providing capital for increased R&D investments and a larger, more global distribution network. Richmond’s customers will also benefit from Trema’s strong financial position, extensive support services and a larger pool of highly skilled consultants."

Alan Dick, Scottish & Newcastle’s Group Treasurer, comments: "We were very pleased to learn that Trema were purchasing Richmond Software. We regard this acquisition as being entirely complementary and very positive for us."

"We are very excited at the new opportunities that this merger will open for all our customers and employees. Under Charles’ leadership, Richmond has grown by over 20% over the last two years and has established an excellent reputation for the quality of its customer service," concluded Fitzpatrick.

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