Probably not. Despite the grandiose name, Triumph is relatively small fry in the gaming industry. They first landed on the map with their 4x strategy game Age of Wonders, a moderate critical and sales success, before the team went on to make the Overlord series, which started strong and only became weaker the more they tried to milk it. Their latest offering, Age of Wonders 3, was funded in part by Minecraft creator and part-time Twitter troll (what else does he have to do with his time?) Markus "Notch" Persson, who's even featured in the game proper.
Outside of those games, though? They're basically non-existent. They have their niche and they're very comfortable there. But Paradox, the folks behind Cities Skylines, Tyranny, Crusader Kings II, Pillars of Eternity have the same niche, and instead of compete with Triumph, they figured it'd make more sense to just buy them.
This isn't exactly a massive deal for anyone involved. No layoffs have been announced (yet), all the games currently in development will remain so, and the only real difference is they'll be published by Paradox now. Pretty tame, I'd say. Paradox CEO Fredrik Wester had this to add:
"Triumph Studios is a developer of our own heart. They are world-leading within their niche and have built a large and dedicated community over the years, counting quite a few Paradox employees among their hardcore fans. We have great faith in Lennart, Arno and the Triumph team, and our main focus now is to ensure that they can continue to create their magic under new ownership."
Yep. That sums it up nicely. So we can look forward to what these two good companies will create working together here on out. Huzzah.
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