The B2B commerce solutions platform Corcentric is set to go public in a special purpose acquisition company merger that will value the firm at $1.2 billion.
The company announced the merger on its website Friday (Dec. 10), saying it had entered into an agreement with North Mountain Merger Corp.
Founded in 1996, Corcentric provides Source-to-Pay and Order-to-Cash solutions and a B2B payments network. Comprising more than 450,000 buyers and 1.4 million suppliers, the firm processes more than $100 billion in transaction volume every year.
The transaction has been approved by Corcentric and North Mountain’s boards and is expected to close in the second quarter of 2022, pending the approval of stockholders and regulators.
Corcentric said the deal is expected to generate up $182 million in gross proceeds, including a $50 million PIPE from investors, which include Wellington Management and Millais Limited.
“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,” said founder and CEO Douglas W. Clark.
“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,” he said.
Clark will retain his position following the transaction, as will Chief Operating Officer Matthew Clark, the company said. The leadership team will be rounded out by CFO Thomas Sabol and Executive Vice President and Chief Accounting Officer Mark Joyce.
Read more: 91% of CFOs Say Digital Business Payments Makes Finance Operations More Efficient
Based in Cherry Hill, New Jersey, Corecentric recently collaborated with PYMNTS on the study, “Business Payments Digitization: A Path to a Better Balance Sheet.”
In this study, chief financial officers from a wide range of organizations reported that their efforts to upgrade back-office functions have yielded numerous benefits, among them healthier balance sheets. An overwhelming 91% executives who responded to the study echoed this sentiment.
The report also found that nearly three quarters of firms scaled up digital payments as COVID-19 affected their operations over the past year and a half.
