TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
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SFNet's 40 Under 40 Award Winners Panel Recap
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SFNet's Inaugural YoPro Leadership Summit
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
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Potential Impacts of Blockchain on Commercial Lending
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A Commercial Banker’s Tickler Transition Plan
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Selecting a Technology Vendor: 3 Questions to Ask
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Why Back-Office Lending Automation Enhances Customer Satisfaction
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The Lost Art of the Loan Purchase
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Audit Prep: Why a Paperless Approach Makes Sense
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Back Office Support Services: Helping you approve more clients
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
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Paper Loan Files: Does Your Bank Know the True Cost?
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June 2, 2021
Source: TriumphPay
TriumphPay, a division of TBK Bank, SSB, announced today that it has closed the previously announced 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," said TriumphPay chief executive officer Jordan Graft. “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.”
Aaron P. Graft, chief executive officer of Triumph Bancorp, said, “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. 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 the fourth quarter of 2021.
Under the terms of the agreement, TriumphPay acquired HubTran for $97 million in cash subject to customary purchase price adjustments.
BofA Securities, Inc. acted as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz acted as legal advisor to TriumphPay in connection with the transaction.
ABOUT TRIUMPHPAY
TriumphPay is a carrier payment platform that connects brokers, shippers, factors and carriers through forward-thinking solutions that help each party successfully process, settle and manage carrier payments and drive growth. TriumphPay offers supply chain finance to brokers, allowing them to pay their carriers faster and drive carrier loyalty. TriumphPay provides the tools and services to increase automation, mitigate fraud, create back-office efficiency and improve the payment experience.
TriumphPay is a division of TBK Bank, SSB, Member FDIC, and a member of the Triumph Bancorp, Inc. (Nasdaq: TBK) group. https://www.triumphpay.com
TRIUMPH INVESTOR RELATIONS CONTACT
Luke Wyse
Senior Vice President, Investor Relations
lwyse@tbkbank.com
214-365-6936
TRIUMPHPAY MEDIA CONTACT
Amanda Tavackoli
Senior Vice President, Director of Corporate Communication
atavackoli@tbkbank.com
214-365-6930
