TriumphPay Announces Closing of Previously Announced Hubtran Acquisition
June 01 2021 - 08:15AM
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
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 possibility
that the expected benefits related to the acquisition of HubTran
may not materialize as expected; Triumph Bancorp, Inc. (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; and the ability of the Company or HubTran to
retain and hire key personnel. 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, Investor Relationslwyse@tbkbank.com | 214-365-6936
TRIUMPHPAY MEDIA CONTACTAmanda TavackoliSenior Vice President,
Director of Corporate Communicationatavackoli@tbkbank.com |
214-365-6930
Source: Triumph Bancorp and TriumphPay
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