RTTNews | Sep 8, 2021 08:06AM EDT

08:06 Wednesday, September 8, 2021 (RTTNews.com) - Payments technology company Global Payments Inc. (GPN) announced Wednesday an agreement to purchase MineralTree, a leading provider of accounts payable automation and business-to-business (B2B) payments solutions, from an investor group led by Great Hill Partners, .406 Ventures and Eight Roads Ventures for $500 million in cash.

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.

The addition of MineralTree's digitized payables solutions enhances Global Payments' B2B product suite and expands its opportunity set in one of the largest and most underpenetrated markets in software and payments.

Global Payments also intends to scale its combined B2B initiatives more quickly by leveraging its 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, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3224035/global-payments-to-acquire-mineraltree-for-500-mln-cash-quick-facts.aspx)

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