Corcentric to make Wall Street debut in £908m SPAC merger
Software firm Corcentric announced this afternoon that it has agreed to go public through a merger with a blank-check firm in a deal valuing the combined company at about $1.2bn (£908m).
Corcentric, provides payments network software solutions to enterprises middle-market businesses, including cereal maker Kellogg’s and clothing retailer Hanes, as reported by Reuters.
The deal with North Mountain Merger would provide the company with proceeds of up to $182m (£138m), including funds from the special purpose acquisition company’s (SPAC) trust account and a $50m (£38m) in private investment from investors including Wellington Management and Millais.
A SPAC is a publicly-listed shell company that raises funds with the intention of merging with a private company within two years of floating their shares. The private firm goes public through the merger.
Corcentric, founded in 1996, said it would list on the Nasdaq and the deal is expected to close towards the second quarter of 2022.