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TransactionWatch – Week of February 15th – February 19th

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After weeks of strong activity on the M&A front, movement slowed down this past week as companies assess their growth initiatives. Although, the B2B payments market is continuing to show room for opportunity as the business spend management software provider, Corcentric, announced their acquisition of Vendorin from Juvo Technologies for $100 million. While financial terms were not disclosed, the acquisition was financed using cash on hand following a Bregal Sagemount investment in mid-2020. The addition of Vendorin will help accelerate Corcentric’s presence in the B2B payments market and will enhance their platform by leveraging Vendorin’s “Inroll” technology.

In other news, the card issuing start-up, Marqeta, has filed confidentially for a proposed IPO on Tuesday, February 16th. Marqeta is seeking a valuation of approximately $10 billion as a result of the IPO and is reportedly working alongside Goldman Sachs and JPMorgan Chase for this initiative. Marqeta previously raised $150 million last May, which doubled its valuation to $4.3 billion at the time. Marqeta is anticipating to do this again by more than doubling their last valuation as they continue to seek rapid growth in the market.