An Atlanta-based company that works to help its customers grow their businesses is experiencing growth of its own. On Wednesday, enterprise payments tech company Global Payments announced its plans to acquire Waltham-based finance SaaS startup MineralTree for $500 million with plans to add an array of new capabilities to its platform.
Global Payments offers a software solution that works to provide a complete commerce ecosystem to businesses of all sizes. Its platform offers tools for things like domestic and international acquiring, payroll and data and analytics for businesses across a variety of industries including retail, healthcare and financial services.
The company is acquiring MineralTree from a group of investors led by Great Hill Partners, .406 Ventures and Eight Roads Ventures. Its software offers solutions for B2B payments and automating accounts payable processes. For instance, companies and financial institutions can use MineralTree to streamline key processes like invoice capture and enable integrated payments options across markets.
The all-cash transaction is expected to close in Q4 this year. As it joins Global Payments’ team, MineralTree’s cloud-native platform will allow the company to expand its services to reach more businesses across a wider range of markets. The company will also be able to create new virtual networks for buyers, suppliers and employers.
“B2B reinforces each of the legs of our strategic stool, including software primacy, a leading e-commerce franchise and an unmatched presence in many of the most attractive markets worldwide,” Jeff Sloan, Global Payments’ CEO, said in a statement. “The addition of MineralTree’s digitized payables solutions enhances our B2B product suite and expands our opportunity set in one of the largest and most underpenetrated markets in software and payments. We intend to scale our combined B2B initiatives more quickly by leveraging our extensive distribution channels and leading cloud centric technologies globally.”
Moving forward with its growth plans, the company is also expanding internally. With its worldwide headcount of 24,000, Global Payments is currently hiring for over 40 Atlanta-area roles across a range of teams like finance, engineering and sales. MineralTree is also building out its team and looking to fill Waltham-based roles in engineering, product management, HR and more.
