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December 13, 2021

Corcentric to go public through merger with North Mountain

By Shalini mani

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.

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The merged business will be valued at around $1.2bn and operate as Corcentric Inc.

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.

Corcentric 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.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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