Trovata Acquires ATOM to Bolster Treasury Management Offering

Cash/liquidity management platform Trovata says it has acquired treasury management system (TMS) ATOM.

Trovata argues this deal makes it the “first modern, viable TMS alternative to legacy incumbents,” according to a Thursday (July 24) news release announcing the purchase.

“There hasn’t been a new TMS built in nearly three decades,” Brett Turner, founder and CEO of Trovata, said in the release. “We pioneered corporate banking APIs and the only true cloud-native treasury platform in the market with meaningful scale. Now, with ATOM, we have the firepower to compete directly with the legacy incumbents—and replace them. This isn’t just expansion. It’s a generational shift in treasury tech.”

Built by Financial Sciences Corporation, ATOM’s features include support for debt and investment instruments, intercompany transactions, full domestic and international payment workflow, bank fee analysis and bank account management, the release notes, adding that these services will now be integrated into Trovata’s platform.

In addition to the acquisition, Trovata announced a $9 million extension to its Series B round, bringing its total funding to $80 million. The company’s investors include several major players in the financial services space, including J.P. Morgan Chase, Wells Fargo, Capital One Ventures and Mastercard.

The acquisition is happening at a time when treasury management is undergoing a transformation, as PYMNTS wrote last month in a report on the evolution of the cash conversion cycle (CCC).

“Long considered a sleepy, compliance-focused function, corporate treasury is evolving into a strategic command center,” that report said. “Armed with real-time data, machine learning models, and API-enabled platforms, treasurers are now orchestrating liquidity like conductors of a dynamic, ever-shifting financial symphony.”

Forward-thinking companies are now using shortened cash cycles to unlock capital for growth, PYMNTS added. Faster cash can lead to faster reinvestment, less reliance on external financing, and more agility in finding new opportunities.

Still, implementing modern solutions can require embracing change management, the report said. Part of the reason CCC has remained a back-office function is the fragmentation of many companies’ finance departments.

“People used to think the ERP (enterprise resource planning) was the center of the CFO’s office. But the reality is, many large companies that have gone on acquisition sprees have multiple ERP systems, making it difficult to centralize financial data,” Matt Carey, senior vice president, office of the CFO at FIS, told PYMNTS.

Still, PYMNTS added, the renaissance of the cash conversion cycle suggests a potentially deeper reconfiguration of business priorities.

“In a world awash in data and drowning in risk, cash isn’t just king, it’s the compass,” the report concluded.

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