Combined company to create a fully integrated payments network in transportation
TriumphPay, a division of TBK Bank, SSB, announced that it has entered into a definitive agreement to acquire HubTran, a cloud-based provider of automation software for the transportation industry’s back-office.
“Combining TriumphPay and HubTran will allow us to create a fully integrated payments network for transportation servicing brokers and factors,” said TriumphPay chief executive officer Jordan Graft. “The network will be open to all joining participants and will provide tools and services to create frictionless presentment, settlement and payment of invoices in transportation. The future of freight payments looks very different starting today, and we are excited to bring this transformational product to the industry for the benefit of all participants.”
TriumphPay offers tools and services to increase automation, mitigate fraud, create back-office efficiency and improve the payment experience. Through the acquisition of HubTran, TriumphPay is creating additional value through the enhancement of its presentment, settlement, and payment capabilities for shippers, 3PL’s and their carriers, and factors. The integration of HubTran’s artificial intelligence and machine learning capabilities to the TriumphPay platform will drive meaningful, differentiated outcomes for its platform users.
Read More: Quisitive Announces Agreement to Acquire BankCard USA
“We’re very excited about this combination and the tremendous value it will create for our customers,” said Matt Bernstein, founder and chief executive officer of HubTran. “In TriumphPay, we’ve found a great fit for our product and for our team members.”
Aaron P. Graft, chief executive officer of Triumph Bancorp, said, “This acquisition, and the subsequent integration of HubTran’s powerful settlement capabilities into our platform, underscores Triumph’s commitment to the transportation industry. It brings with it existing integrations with over 230 freight brokerage and 50 factoring clients and will materially advance our strategy to create a seamless payment experience. We are committed to consistently evolve and enhance that experience for freight broker, carrier and factoring clients, with the addition of new value-added services to be announced in the near future.”
Read More: Brightwell Named a 2021 Top Workplace by the Atlanta Journal-Constitution
Under the terms of the agreement, TriumphPay will acquire HubTran for $97 million in cash subject to customary purchase price adjustments and closing conditions. The acquisition is subject to customary closing conditions, including receipt of regulatory approval, and is expected to close in the second quarter of 2021.
BofA Securities, Inc. is acting as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to TriumphPay in connection with the transaction.
Read More: Principal Financial Group Migrates to the FINEOS Platform to Deliver Advanced Digital Capability
