TriumphPay, a division of TBK Bank, entered into a definitive agreement to acquire HubTran, a cloud-based provider of automation software for the transportation industry’s back-office.

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 Q2/21.

“Combining TriumphPay and HubTran will allow us to create a fully integrated payments network for transportation servicing brokers and factors,” Jordan Graft, CEO of TriumphPay, said. “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 for automation and payments and to mitigate fraud and create back-office efficiency. Through the acquisition of HubTran, TriumphPay is enhancing its presentment, settlement and payment capabilities for shippers, 3PL’s and their carriers, and factors. TriumphPay will integrate HubTran’s artificial intelligence and machine learning capabilities to its platform.

“We’re very excited about this combination and the tremendous value it will create for our customers,” Matt Bernstein, founder and CEO of HubTran, said. “In TriumphPay, we’ve found a great fit for our product and for our team members.”

“This acquisition, and the subsequent integration of HubTran’s powerful settlement capabilities into our platform, underscores Triumph’s commitment to the transportation industry,” Aaron P. Graft, CEO of Triumph Bancorp, said. “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.”

BofA Securities is acting as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to TriumphPay in connection with the transaction.