Case Study


Scaling a Software Solution for the CFO Suite

"Mainsail was a terrific partner to help us scale our team and infrastructure to support organic and inorganic growth. Their team provided hands-on support as well as strategic guidance to help us navigate this critical stage of growth. Among other things, connecting with fellow CEOs within Mainsail’s portfolio was immensely valuable to me personally"
– Renaat Ver Eecke, CEO of GTreasury

At a Glance

  • Acquired three new companies on three continents to expand the platform’s total addressable market (TAM) and value proposition.
  • Built out the management team including recruiting the CEO, CFO, CMO, CRO, CPTO, Chief Customer Officer and two independent board directors.
  • Redefined the target market segments to optimize product development and go-to-market (GTM) initiatives.
  • Completed white space analysis and recommendation to increase cross-sell of new products.
  • Reorganized sales organization to cross-sell new product features and optimize sales motion.
  • Supported full rebrand including new website launch.
  • Expanded the partner ecosystem.


Based in Chicago, Illinois, GTreasury is a SaaS-based digital treasury management system (TMS) that offers companies a single solution for managing complex global finances, including integrated cash management, payments, bank relationships, FX hedging and financial risk management.


As an experienced executive in the automated treasury sector, Orazio Manzi-Fe Pater and his wife Peg, founded GTreasury in 1986. The company’s mission was to create solutions that empower finance teams to drive business value.

For over three decades, GTreasury grew organically, building out its software product and honing in on its product-market fit. In 2018, Mainsail Partners initially invested $42 million in the company to support further growth and facilitate Orazio’s succession plan to become the Executive Chairman of the Board by hiring CEO, Renaat Ver Eecke.


Management Team Build-Out: Working closely with GTreasury’s founder, Mainsail helped recruit leaders for the executive team by adding a new CEO, CFO, CMO, CRO, CPTO and Chief Customer Officer as well as two independent board directors. In 2019, Renaat Ver Eecke, a long-tenured SaaS leader, joined as CEO.

Three Add-on Acquisitions: Mainsail’s finance and investment teams worked with GTreasury to build out the company’s financial infrastructure and reporting/forecasting capabilities in preparation for expansion. With the business foundation in place, Mainsail then supported GTreasury in sourcing and executing three strategic acquisitions. Each company offered a distinctive capability, and collectively expanded the platform’s TAM while driving value for customers. The three companies were located in different countries, helping to expand GTreasury’s global footprint.

  • In April 2018, GTreasury acquired Visual Risk (Sydney, Australia), creating a robust Treasury and Risk Management Software (TRMS) for the market.
  • In February 2021, GTreasury acquired CoProcess (Geneva, Switzerland), allowing GTreasury to add intercompany netting to their platform and ecosystem.
  • In January 2022, GTreasury acquired Hedge Trackers (San Jose, California), further expanding GTreasury’s SaaS ecosystem.

Account Management Optimization: To optimize growth, Mainsail helped GTreasury complete a whitespace analysis within their existing customer base, which identified unaddressed cross-sell and upsell opportunities. Mainsail then deployed its strategic account management playbook to help the team operationalize the focus on specific customer segments and products to best capitalize on the opportunity. The whitespace analysis resulted in increased NRR and upsell bookings exceeding plan.

In addition, Mainsail helped the company better define which target market segments were better suited for GTreasury’s solutions. This focus helped streamline the company’s GTM and product development efforts.

Mainsail’s sales leaders worked with the team at GTreasury to reorganize and optimize its global sales territories – moving from purely regional territories to regional and vertically-focused territories, designing a channel strategy and updating quotas and compensation plans. Additionally, the sales leaders helped GTreasury launch a new BDR team function.

Partnerships Ecosystem: Mainsail helped GTreasury define the opportunity and strategize the execution of a partnership ecosystem, helping the company monetize a broader set of constituents across the treasury category. One example includes a partnership with Goldman Sachs to provide direct integration into GTreasury’s platform for domestic and international payments.


During Mainsail’s time as majority shareholder, the employee count grew from ~80 to over 280 employees. In March 2023, GTreasury secured a majority investment from Hg, an  investor in global software and services companies. As part of the transaction, Mainsail Partners continues as a minority investor in the business.

Treasury management software for corporate treasury departments
  • LOCATION: Chicago, IL
  • SECTOR: Treasury Management
  • CEO: Renaat Ver Eecke
  • INVESTED: 2018
  • STATUS: Recapped