Global Payments, a worldwide provider of payment technology and software solutions, announced an agreement to purchase MineralTree, a provider of accounts payable automation and business-to-business (B2B) payments solutions, for US$500 million in cash.

The company will make the acquisition from an investor group led by Great Hill Partners, .406 Ventures and Eight Roads Ventures. The transaction is expected to close in the fourth quarter of 2021.

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 digitize payables for thousands of customers.

In combination with Global Payments’ existing B2B payments capabilities, including commercial payments, domestic and international acquiring, payroll, data and analytics, access to non-card based rails and virtual card provisioning, MineralTree’s cloud native solutions substantially expand Global Payments’ target addressable markets.

Global Payments also will provide unique advantages for buyers, suppliers and employers through the creation of new virtual networks, deepening its competitive moat by expanding the company’s marketplaces and ecosystems.

“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.”

said Jeff Sloan, Chief Executive Officer, Global Payments.

This article first appeared on Fintech News Switzerland. 

Featured image credit: Edited from Unsplash