Wachtell, Lipton, Rosen & Katz acted as legal advisor to TriumphPay in the transaction.
TriumphPay, a division of TBK Bank, SSB, entered into a definitive agreement to acquire HubTran, a cloud-based provider of automation software for the transportation industry’s back-office.
Under the terms of the agreement, TriumphPay will acquire HubTran for $97 million in cash subject to customary purchase price adjustments and closing conditions. The acquisition is subject to customary closing conditions, including receipt of regulatory approval, and is expected to close in the second quarter of 2021.
BofA Securities, Inc. acted as exclusive financial advisor to 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.
Based in Chicago, the HubTran team consists of experienced transportation professionals and technology developers. HubTran has sparked a back-office revolution by replacing old-school systems with automation to process invoices, bill customers, and manage documents efficiently.
Wachtell, Lipton, Rosen & Katz advised TriumphPay with partners Ian Boczko, Erica Bonnett, Damian Didden, Joshua Holmes, Gregory Pessin and Mark Veblen (Picture).
Involved fees earner: Ian Boczko – Wachtell, Lipton, Rosen & Katz; Erica Bonnett – Wachtell, Lipton, Rosen & Katz; Damian Didden – Wachtell, Lipton, Rosen & Katz; Joshua Holmes – Wachtell, Lipton, Rosen & Katz; Gregory Pessin – Wachtell, Lipton, Rosen & Katz; Mark Veblen – Wachtell, Lipton, Rosen & Katz;
Law Firms: Wachtell, Lipton, Rosen & Katz;