Payment technology provider Global Payments has agreed to buy MineralTree, a US-based payment automation technology producer backed by financial services firm First Data and financial services and investment group Fidelity, for $500m.
MineralTree produces software tools used to automate payment processes including accounts payable, virtual card payments and invoice payments. Its product is used by more than 3,000 businesses and financial institutions.
The company has raised $119m of funding since it was founded in 2010. Eight Roads Ventures, an investment subsidiary of Fidelity, joined Great Hill Partners and .406 Ventures in its $50m series D round in September 2020.
MineralTree had received $50m in April 2019 round led by Great Hill Partners, which invested together with Eight Roads and .406 Ventures.
Eight Roads led MineralTree’s $11.1m series B round, in 2015, which was backed by First Data and .406 Ventures. It had previously raised $7.8m across two rounds from investors including .406 Ventures and Eight Roads (then known as Fidelity Growth Partners India).
Jeff Sloan, chief executive officer of Global Payments, said: “The addition of MineralTree’s digitised payables solutions enhances our [business-to-business] product suite and expands our opportunity set in one of the largest and most underpenetrated markets in software and payments.
“We intend to scale our combined [business-to-business] initiatives more quickly by leveraging our extensive distribution channels and leading cloud-centric technologies globally.”