Corcentric, a US-based B2B payments network, is set to become publicly listed through a merger with special purpose acquisition company (SPAC) North Mountain Merger.
The merged business will be valued at around $1.2bn and operate as Corcentric Inc.
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Founded in 1996, Corcentric provides payments, accounts payable, and accounts receivable technology to enterprise and middle-market companies.
Its end-to-end suite of source-to-pay and order-to-cash solutions and proprietary B2B payments network are said to help customers optimise working capital, boost visibility, and drive growth while minimising risk.
These solutions are offered by the firm via a combination of cloud-based software, payments, and advisory services.
Corcentric is said to process over $100bn in transaction volume each year for its over 450,000 buyers and 1.4 million suppliers.
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By GlobalDataCorcentric CEO, founder and chairman Douglas Clark said: “We are immensely proud of Corcentric’s accomplishments since our founding 25 years ago, and we are excited to lead the next stage of development alongside the North Mountain team.
“We believe there is significant runway for growth opportunities within our existing customer base as well as through untapped opportunities such as new customer wins, new product innovation, international expansion, and strategic acquisitions.”
Under the agreement, Corcentric’s existing executive management team will remain under the leadership of Douglas Clark as well as president and COO Matthew Clark.
Additionally, Mark Joyce will become the company’s executive vice-president and chief accounting officer while Thomas Sabol will assume the role of CFO.
North Mountain CEO Chuck Bernicker commented: “Corcentric’s ability to demonstrate consistent growth and high levels of profitability represents an exciting investment opportunity.
“We look forward to partnering with Corcentric’s management team at this exciting inflection point in the company’s growth.”
In February this year, Corcentric took over B2B payments firm Vendorin from Juvo Technologies in a deal worth $100m. Juvo snapped up Vendorin in 2016.
