Monday 13th December, 2021
Corcentric and North Mountain Merger Corp a publicly traded special purpose acquisition company have announced that they have entered into a definitive agreement to combine. This would result in Corcentric becoming a publicly listed company.
Upon the closing of the Transaction, the combined entity will be named Corcentric Inc. The Company is expected to have an implied pro forma enterprise value of approximately $1.2 billion at closing, the companies said.
Founded in 1996, Corcentric is a leading provider of B2B commerce solutions for enterprise and middle-market businesses. Corcentric’s suite of solutions and its proprietary B2B payments network, comprising over 450,000 buyers and 1.4 million suppliers, processes over $100 billion in transaction volume annually.
Under the terms of the Transaction, Corcentric’s existing shareholders will convert their ownership stakes into equity of the combined company.
“We are immensely proud of Corcentric’s accomplishments since our founding 25 years ago, and we are excited to lead the next stage of development alongside the North Mountain team. We believe there is significant runway for growth opportunities within our existing customer base as well as through untapped opportunities such as new customer wins, new product innovation, international expansion, and strategic acquisitions,” said Douglas W. Clark, Founder, Chairman, and CEO of Corcentric.
“Corcentric’s ability to demonstrate consistent growth and high levels of profitability represents an exciting investment opportunity. Doug and his team have developed a leading B2B commerce platform focused on transforming how businesses purchase, pay, and get paid. We look forward to partnering with Corcentric’s management team at this exciting inflection point in the company’s growth,” said Chuck Bernicker, CEO of North Mountain.
Following the closing of the Transaction, the Corcentric executive management team will continue to be led by Founder and Chief Executive Officer Douglas Clark and President and Chief Operating Officer Matthew Clark.