GTreasury, which is backed by Mainsail Partners, has acquired Coprocess, a provider of intercompany netting solutions. No financial terms were disclosed.
CHICAGO, March 02, 2021 (GLOBE NEWSWIRE) — GTreasury, a treasury and risk management platform provider, today announced the acquisition of Coprocess, the leading provider of intercompany netting solutions. Adding intercompany netting to the GTreasury platform and ecosystem gives corporate treasurers the ability to significantly streamline their settlement processes, cut costs by reducing payments and FX volumes, and add new automated efficiencies into their treasury workflows.
“GTreasury continues to look for ways to empower corporate treasurers to do their jobs more effectively, more efficiently, and with less cost to their organizations,” said Renaat Ver Eecke, CEO, GTreasury. “The complexities of doing business across countries and across banks continues to grow, and the technologies that treasurers rely on must keep up with that pace. Acquiring Coprocess does exactly that for our clients. Coprocess brings expertise in multilateral netting that is second to none, and we’re extremely excited to welcome the Coprocess team, learn from them, and jointly build new and fully integrated solutions that will directly benefit our customer base.”
Treasurers using Coprocess regularly see payments and FX volumes lowered by as much as 70%, while also benefiting from more centralized banking relationships and reduced float and complexity. Real-time intercompany reconciliation capabilities deliver visibility into intercompany transactions, interest, loans and treasury transactions – eliminating mismatches and facilitating automatic reporting. Fully centralized vendor payments further simplify often-costly and time-intensive treasury operations. The Coprocess solution is also highly configurable to businesses’ unique netting processes and organizational structures, and easily incorporates into treasurers’ existing architectures.
Combining the leading netting system with GTreasury’s extensive cash, payments, FX, and risk management capabilities provides treasurers with an extensive, easy-to-use, and end-to-end solution for optimizing their treasury processes and workflows. The acquisition also continues to build the momentum of the GTreasury platform. “We saw record transaction volume flow though our treasury management ecosystem in 2020,” said Ver Eecke. “To continue to meet our clients’ needs, we’ve been signing key partnerships with banks and complementary technology providers, expanded our platform through new innovations like SmartPredictions™, our AI-fueled cash forecasting, and executed on strategic acquisitions such as with Visual Risk and now Coprocess.”
Founded in 1991, Coprocess has established itself as the leading intercompany netting provider. The company’s 175 global clients across a range of industries leverage the Coprocess solution to net millions of invoices per year and save hundreds of thousands of dollars in FX and transaction expenses.
“Like Coprocess, GTreasury has long been a trusted technology partner to organizations around the world,” said Andrew Goldie, CEO, Coprocess. “They understand that continual innovation is critical to ensuring treasurers can do their jobs faster, with more accurate foresight, and as cost-efficiently to their businesses as possible. We share these aims, and look forward to a great future for Coprocess within GTreasury. We are excited to put our comprehensive netting solution into the hands of more treasurers.”
For more than 30 years, GTreasury has delivered the leading digital Treasury and Risk Management System (TRMS) to corporate treasurers across industries. With its continually innovating Software-as-a-Service platform, GTreasury provides customers with a single source of truth for all their cash, payments, and risk activities. The TRMS solution offers any combination of Cash Management, Payments, Financial Instruments, Risk Management, Accounting, Banking, and Hedge Accounting – seamlessly integrated, on-demand worldwide and fully secured. Headquartered in Chicago with offices serving EMEA (London) and APAC (Sydney and Manila), GTreasury’s global community includes more than 800 customers and 30+ industries reaching 160+ countries worldwide.