New York-based acquisition company North Mountain Merger Corp. and Corcentric, a software company based in Cherry Hill, announced Aug. 29 that they mutually agreed to terminate previously announced merger plans.
The parties revealed the plan on Dec. 10, which would have created a new, publicly listed company. At the time of the announcement, the combination was estimated to be valued at about $1.2 billion at closing.
The merger was subject to certain closing conditions, which “remained unsatisfied” as of the most recent announcement. Neither party will be required to pay a termination fee.
Chuck Bernicker, CEO of North Mountain, said his team was disappointed in the outcome, citing “market conditions” as the reason for the termination.
“Corcentric is a leading B2B commerce platform focused on transforming how businesses purchase, pay, and get paid, with a proven track record of growth and strong momentum,” Bernicker said in a statement. “Corcentric is a unique company with a strong management team, and we wish them continued success.”
Doug Clark, founder, CEO and chairman of Corcentric, thanked the North Mountain team for their work throughout the process.
Clark added, “While this may not be the outcome that both parties hoped for when we started this process, Corcentric’s underlying business remains healthy, and we continue to believe there is significant runway for the business to capitalize on growth opportunities within our existing customer base as well as through new customer wins, product innovation, and strategic acquisitions. We remain confident in our long-term growth strategy and are excited for the future of Corcentric.”
Founded in 1996, Corcentric provides payments, procurement, accounts payable and accounts receivable solutions to enterprise and middle-market companies.