TriumphPay, a division of TBK Bank, closed its acquisition of HubTran, a cloud-based provider of automation software for the transportation industry’s back office.
“Today is a momentous day for our company and our team members,” Jordan Graft, CEO of TriumphPay, said. “Since announcing this acquisition in April, the TriumphPay and HubTran teams have developed a solid plan to integrate our two platforms and create a fully integrated payments network for transportation, serving brokers and factors. With our open network, we will create frictionless presentment, settlement and payment of invoices for the benefit of all participants. With the close of this acquisition, we are ready to execute our strategy to create a seamless payment experience.”
“Through our open loop payment network, TriumphPay will become the connection point that allows parties on both sides of a transaction to share structured data instantly between them,” Aaron P. Graft, CEO of Triumph Bancorp, said. “Efficiency, speed and fraud mitigation for transportation payments take a quantum leap forward with this acquisition.”
As a result of this acquisition, HubTran will operate as a service of TriumphPay. TriumphPay and HubTran will continue to operate as independent brands until the full integration of the platform is completed, which is expected to occur in Q4/21.
Under the terms of the agreement, TriumphPay acquired HubTran for $97 million in cash subject to customary purchase price adjustments.
BofA Securities acted as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz acted as legal advisor to TriumphPay in connection with the transaction.
