The Atlanta-based company announced the purchase in a news release Wednesday (Sept. 8), saying it would finance the acquisition with cash on hand and its existing credit facility.
MineralTree’s software-as-a-service (SAAS) offerings automate procurement processes such as invoice capture, coding and approval, while also enabling virtual cards and integrated payments options to digitize payables for thousands of customers.
Global Payments says MineralTree’s SAAS solution helps expand its own offerings, which include commercial payments, domestic and international acquiring, payroll, data and analytics, access to non-card based rails and virtual card provisioning.
“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,” said Jeff Sloan, CEO of Global Payments.
Sloan said that since his company merged with TSYS in 2019, Global Payments has had “many of the elements of a successful B2B offering.”
The transaction is expected to close in the fourth quarter of 2021, pending standard regulatory approvals and closing conditions.
Global Payments had previously considered a $70 billion merger with Fidelity National Information Services, but the deal ultimately fell through.
Integrating MineralTree’s digitized payable solutions enhances Global Payments’ services, Sloan said, adding that the company plans to “scale our combined B2B initiatives more quickly by leveraging our extensive distribution channels and leading cloud-centric technologies globally.”
In June, the Massachusetts-based MineralTree launched an analytics and interactive visualization tool, designed to unlock insights into AP workloads, payments optimization, cash flow and security.
Related news: MineralTree Debuts AP Analytics Dashboard
“Businesses are already using MineralTree to gain valuable time savings and cost efficiencies from not having to perform tedious manual tasks in the invoice-to-pay process,” Elizabeth Kowal, chief product officer at MineralTree, said at the time.
“By embedding real-time analytics into the platform, we are enhancing our customers’ visibility and control over their AP processes and providing valuable, actionable insights.”