Carrier payment platform provider TriumphPay will pay $97 million to acquire HubTran, a cloud-based provider of back-office transportation industry software, in a bid to automate financial transactions for shippers, third party logistics providers (3PLs), and carriers, the companies said Wednesday.
The integration of Chicago-based HubTran’s artificial intelligence (AI) and machine learning capabilities to the TriumphPay platform will enhance its presentment, settlement, and payment capabilities, according to Dallas-based TriumphPay, which is a division of TBK Bank, SSB, a Texas-area savings bank that itself is a subsidiary of Triumph Bancorp Inc.
“This acquisition, and the subsequent integration of HubTran's powerful settlement capabilities into our platform, underscores Triumph's commitment to the transportation industry,” Aaron Graft, CEO of Triumph Bancorp, said in a release.
“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,” Graft said.
The acquisition is subject to customary closing conditions, and is expected to close in the second quarter of 2021.
HubTran is thrilled to announce that we are joining forces with TriumphPay. Our combined company will create a fully integrated payments network in transportation. Read the press release here: https://t.co/jzTr6SNRrZ— HubTran (@HubTranApp) April 1, 2021