TriumphPay to purchase HubTran for $97 million
Acquisition adds AI, machine-learning capabilities to the payment experience
TriumphPay, a carrier payment platform, has entered into a definitive agreement to acquire HubTran, a cloud-based provider of automation software for the transportation industry’s back-office, for $97 million in cash. The pharmaceutical industry is one of many sectors that relies heavily on the transportation process for its products to arrive safely from Point A to Point B.
The transaction is expected to close in Q2.
TriumphPay offers tools and services to increase automation, mitigate fraud, create back-office efficiency and improve the payment experience. Acquiring HubTran, TriumphPay says, will add value by strengthening presentment, settlement and payment capabilities for shippers, 3PL (third-party logistics) providers and their carriers.
The integration of HubTran’s artificial intelligence (AI) and machine-learning capabilities to the platform can potentially drive meaningful, differentiated outcomes for its users, TriumphPay also points out.
