Global Payments to acquire MineralTree for $500 million

US-based payments technology and software solution provider, Global Payments has announced an agreement to acquire MineralTree which is a provider of accounts payable automation and business-to-business (B2B) payments solutions. The acquisition will be made from an investors group 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, as per the press note.

In addition, Global Payments noted that with its existing B2B payments capabilities, which included commercial payments, domestic and international acquiring, payroll, data and analytics, access to non-card based rails and virtual card provisioning, the acquisition of MineralTree’s cloud-native solutions would expand Global Payments ‘target addressable markets and provide significant incremental avenues for growth in one of the most attractive technology markets’.

Last month, Ramp bagged $300 million in funding from investors and also announced the acquisition of Buyer while another US-based B2B payments company, Brex acquired Weav for $50 million.

It will also provide unique advantages for buyers, suppliers and employers through the creation of new virtual networks.

“B2B reinforces each of the legs of our strategic stool, including software primacy, a leading e-commerce franchise and an unmatched presence in many of the most attractive markets worldwide,” said Jeff Sloan, Chief Executive Officer, Global Payments.

Under the payment terms of the acquisition, Global Payments will acquire MineralTree for $500 million in cash, with financing from its existing credit facility and cash on hand. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2021.