Trovata, a San Diego, CA-based provider of a multibank data platform, has acquired ATOM, an enterprise Treasury Management System developed by Financial Sciences Corporation.
The acquisition positions Trovata as a new competitor to traditional treasury software vendors by integrating advanced treasury features into its cloud-native architecture, per the announcement.
The ATOM system brings tools for managing debt and investment instruments, intercompany transactions, in-house banking, credit facilities, foreign exchange hedging, and payment workflows.
It also includes support for bank fee analysis and account management. Trovata said the integration allows it to offer a full treasury suite within its platform, which already serves clients through direct enterprise deployments and bank partnerships.
Trovata also announced a $9 million strategic extension to its Series B round from State Street Corporation and The PNC Financial Services Group.
This brings the company’s total funding to $80 million. Earlier investors include J.P. Morgan, Wells Fargo, National Australia Bank, Capital One Ventures, and Mastercard.
Brett Turner, Trovata’s founder and chief executive officer, said the addition of ATOM strengthens the company’s ability to challenge incumbent treasury systems.
“We pioneered corporate banking APIs and a true cloud-native treasury platform. Now, with ATOM, we can compete directly with the legacy incumbents,” Turner said in a statement.
Financial Sciences CEO Alf Newlin said ATOM was designed to handle treasury operations at scale.
“Combining our treasury system with Trovata’s platform architecture and bank distribution model creates a solution that’s both powerful and unmatched,” Newlin said.
Trovata’s infrastructure is built on a serverless microservices architecture that enables rapid deployment and scalability.
The company offers corporate finance teams a real-time view of cash positions, forecasting tools, and integrated payment capabilities.
With the acquisition and funding, Trovata said it now aims to accelerate adoption of modern treasury systems across large enterprises.