Tuesday 14th September, 2021
Global Payments Inc a leading worldwide provider of payment technology and software solutions, has announced an agreement to purchase MineralTree for $500 million in cash. The investor group is led by Great Hill Partners, .406 Ventures and Eight Roads Ventures.
MineralTree’s software-as-a-service (SAAS) offerings automate key procurement processes, including invoice capture, coding and approval, and enable virtual cards and integrated payments options across a variety of key vertical markets to digitise payables for thousands of customers.
“B2B reinforces each of the legs of our strategic stool, including software primacy, a leading ecommerce franchise and an unmatched presence in many of the most attractive markets worldwide,” said Jeff Sloan, Chief Executive Officer, Global Payments.
He added, “Post our merger with TSYS in 2019, we have many of the elements of a successful B2B offering. The addition of MineralTree’s digitised payables solutions enhances our B2B product suite and expands our opportunity set in one of the largest and most underpenetrated markets in software and payments. We intend to scale our combined B2B initiatives more quickly by leveraging our extensive distribution channels and leading cloud centric technologies globally.”
Global Payments will finance the acquisition with its existing credit facility and cash on hand. The transaction, is expected to close in the fourth quarter of 2021.