Dallas, TX, East Brunswick, NJ, USA and Bangalore, India – March 14, 2018 – Trintech, a leading global provider of integrated, cloud-based Record to Report (R2R) finance software solutions for the office of finance, and Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced a strategic partnership to deliver digital solutions that help simplify and automate business finance functions at enterprises.
As a strategic partner, Wipro will offer its clients Trintech’s portfolio of financial solutions, which encompass high-volume transaction matching, balance sheet and intercompany reconciliations, journal entries, financial close task management, disclosure and fiduciary reporting, and compliance management. Wipro will work further with its clients to complement Trintech’s portfolio with its strong consulting and execution capabilities in three key areas: collaborating with Wipro’s AI & Automation platform HOLMESTM to extend the footprint of Trintech’s Risk Intelligent RPATM financial solution, planning and delivering world-class financial transformation along with integration services with clients’ systems, and post-implementation support utilizing Wipro’s global delivery model.
Global research and advisory firm, Gartner, estimates a 17% year-over-year growth in the IT financial management tool market, with an approximate market size of $420.7 million in revenue in 2017.*
“The demand for Record to Report technology solutions continues to grow as finance organizations around the world seek to increase not only the efficiency, but also the effectiveness of their overall financial close processes,” said Robert Michlewicz, Chief Revenue Officer at Trintech. “Wipro’s deep advisory expertise in finance and IT transformation makes them a perfect partner to deliver successful digital transformations for finance functions, using Trintech’s portfolio of solutions.”
At the heart of this partnership lies Trintech’s enterprise-class Record to Report solution, Cadency® and Wipro’s finance transformation and automation advisory services. With Cadency®, financial executives have the world’s only financial governance solution that weaves all Record to Report (R2R) activities into a single, seamless process. The result is a more effective and efficient financial close cycle that minimizes risk and costs, better utilizes resources, and gives stakeholders full visibility into the close cycle at all times.
“We are confident that organizations committed to digitally enabling their financial processes will benefit immensely from the combination of Trintech’s financial solutions portfolio and Wipro’s expertise in helping businesses simplify and automate their processes. Together, we aim to help clients to not only resolve financial reconciliation and challenges related to month-end closures, but to also transform their finance organization to become simpler, agile, and more efficient,” said Phil Dunmore, Vice President and Global Head of Consulting, Wipro Limited.
*Gartner, “Market Guide for IT Financial Management,” Robert Naegle, 28 September 2017.
Trintech, Inc. pioneered the development of Financial Corporate Performance Management (FCPM) software to optimize the Record to Report process. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, journal entries, bank fee analysis, reporting, governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency®, Trintech Disclosure Management®, ReconNET™ and T-Recs®, help manage all aspects of the financial close process. Over 3,100 clients worldwide – including the majority of the Fortune 100 – rely on our cloud-based software to increase efficiency, reduce costs, and improve governance and transparency across global financial organizations.
Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, France, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 160,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
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