First Data will exit MineralTree after Global Payments agreed to purchase the payment automation technology producer.
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…
