TriumphPay Announces Agreement to Acquire HubTran
April 01 2021 - 8:05AM
TriumphPay, a division of TBK Bank, SSB, announced today that it
has entered into a definitive agreement to acquire HubTran, a
cloud-based provider of automation software for the transportation
industry's back-office.
"Combining TriumphPay and HubTran will allow us to create a
fully integrated payments network for transportation servicing
brokers and factors," said TriumphPay chief executive officer
Jordan Graft. "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 to increase automation,
mitigate fraud, create back-office efficiency and improve the
payment experience. Through the acquisition of HubTran, TriumphPay
is creating additional value through the enhancement of its
presentment, settlement, and payment capabilities for shippers,
3PL’s and their carriers, and factors. The integration of HubTran's
artificial intelligence and machine learning capabilities to the
TriumphPay platform will drive meaningful, differentiated outcomes
for its platform users.
"We’re very excited about this combination and the tremendous
value it will create for our customers," said Matt Bernstein,
founder and chief executive officer of HubTran. "In TriumphPay,
we've found a great fit for our product and for our team
members."
Aaron P. Graft, chief executive officer of Triumph Bancorp,
said, “This acquisition, and the subsequent integration of
HubTran's powerful settlement capabilities into our platform,
underscores Triumph's commitment to the transportation industry. 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.”
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 the second quarter of
2021.
BofA Securities, Inc. is acting as exclusive financial advisor
and Wachtell, Lipton, Rosen & Katz is acting 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 Equal
Housing Lender, and a member of the Triumph Bancorp, Inc. (Nasdaq:
TBK) group. https://www.triumphpay.com
ABOUT HUBTRAN
Based in Chicago, the HubTran team consists of experienced
transportation professionals and technology developers. HubTran has
sparked a back-office revolution by replacing old-school systems
with automation to process invoices, bill customers, and manage
documents efficiently. The company does it with enterprise-grade
software using optical character recognition and artificial
intelligence that's smart, easy, and affordable. HubTran 3PLs and
factors work four times faster with better cash flow and incredible
accuracy.https://www.hubtran.com
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the federal securities laws. Investors are cautioned
that such statements are predictions and that actual events or
results may differ materially. Triumph's expected financial results
or other plans are subject to a number of risks and uncertainties.
The following factors, among others, could cause actual results and
future events to differ materially from those set forth or
contemplated in the forward-looking statements: the ability of
Triumph Bancorp, Inc. (the “Company”) to consummate the pending
acquisition of HubTran, including the possibility that the expected
benefits related to the pending acquisition may not materialize as
expected; the pending acquisition of HubTran may not be timely
completed, if completed at all; prior to the completion of the
pending acquisition of HubTran, HubTran’s business could experience
disruptions due to transaction-related uncertainty or other factors
making it more difficult to maintain relationships with employees,
customers, other business partners or governmental entities; the
Company may be unable to successfully implement integration
strategies or to achieve expected synergies and operating
efficiencies with HubTran within the Company management’s expected
timeframes or at all; the ability to satisfy the closing conditions
to the HubTran transaction in a timely basis or at all; the ability
of the Company or HubTran to retain and hire key personnel; the
occurrence of any event, change or other circumstances that could
give rise to the right of one or both of TBK Bank and HubTran to
terminate the merger agreement; and the outcome of any legal
proceedings that may be instituted against the Company, HubTran or
their respective directors, officers or employees. For a discussion
of such risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements,
see "Risk Factors" and the forward-looking statement disclosure
contained in the Company's Annual Report on Form 10-K, filed with
the Securities and Exchange Commission on February 12, 2021.
Forward-looking statements speak only as of the date made, and
Triumph undertakes no duty to update the information.
TRIUMPH INVESTOR RELATIONS CONTACTLuke
WyseSenior Vice President, Finance & Investor
Relationslwyse@tbkbank.com | 214-365-6936
TRIUMPHPAY MEDIA CONTACTAmanda TavackoliSenior
Vice President, Director of Corporate
Communicationatavackoli@tbkbank.com | 214-365-6930
HUBTRAN MEDIA CONTACTJosh AsburyVice
Presidentjasbury@hubtran.com | 513-476-1436
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