Triumph Bancorp in Dallas has agreed to buy a cloud-based software provider.
The $5.9 billion-asset company said in a press release Thursday that TriumphPay, a division of its bank, will pay $97 million in cash for HubTran. The deal is expected to close in the second quarter.
Triumph said the move continues its efforts to create a fully integrated payments network for the transportation sector.
HubTran, which is based in Chicago and offers automation software for back-office functions, is also known for its artificial intelligence and machine learning capabilities.
The payments network “will provide tools and services to create frictionless presentment, settlement and payment of invoices in transportation,” Jordan Graft, TriumphPay’s CEO, said in the release. “The future of freight payments looks very different, starting today, and we are excited to bring this transformational product to the industry.”
BofA Securities and Wachtell, Lipton, Rosen & Katz advised TriumphPay.
