PayTech company Global Payments has acquired MineralTree, an accounts payable automation and B2B payments platform, in a deal worth $500m.
The deal sees Global Payments by the company from an investor group led by Great hill Partners, .406 Ventures and Eight Roads Ventures.
MineralTree has built a software-as-a-service offering that automates key procurement processes, such as invoice capture, coding, approval, virtual card enablement, integrated payment options for payables, and more.
By integrating its technology, Global Payments hopes to bolster its current B2B payment capabilities to grow its market reach.
Global Payments CEO Jeff Sloan said, “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.
“Post our merger with TSYS in 2019, we have many of the elements of a successful B2B offering. The addition of MineralTree’s digitized 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.”
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