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By Dhirendra Tripathi
Investing.com – Global Payments stock (NYSE:GPN) rose 4% Wednesday as the company said it will buy MineralTree for $500 million in cash to expand its presence in cloud-based software solutions in payment technology.
The sellers include Great Hill Partners, .406 Ventures and Eight Roads Ventures.
MineralTree’s software-as-a-service offerings automate procurement processes, including invoice capture, coding and approval, and enable virtual cards and integrated payments options.
According to Global Payments Chief Executive Officer Jeff Sloan, the acquisition enhances its product suite for businesses and expands its opportunities in one of the largest and most underpenetrated markets in software and payments. The company said it intends to scale its combined business-to-business initiatives more quickly by leveraging its distribution channels and cloud technologies.
Global Payments will finance the acquisition with its existing credit facility and cash on hand. The transaction is expected to close in the fourth quarter of 2021.