As per the terms of the go-private deal, which has been approved by Billtrust’s board of directors, the NASDAQ-listed fintech company’s shareholders will receive $9.5 per share in cash upon closing by EQT Private Equity


Billtrust to be acquired by EQT Private Equity. (Credit: EQT AB)

BTRS Holdings (Billtrust), a US-based B2B accounts receivable automation and integrated payments solutions provider, has agreed to be acquired by EQT X fund (EQT Private Equity), part of EQT, for around $1.7bn.

The all-cash deal will take the NASDAQ-listed Billtrust private. The fintech company became public only in January 2021 following the closing of a merger deal with a special purpose acquisition company (SPAC) called South Mountain Merger.

Established in 2001, Billtrust provides cloud-based software and integrated payment processing solutions for streamlining and automating B2B commerce.

The company claims to speed up cash flow through the automation of complex and historically manual processes related to credit decisioning and monitoring, online ordering, payments, invoicing, and remittance capture, collections, and cash application.

Billtrust founder and CEO Flint Lane said: “This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees while providing shareholders an immediate and substantial cash value with a compelling premium.

“We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position.”

As per the terms of the go-private deal, Billtrust’s shareholders will be paid $9.5 per share upon closing by EQT Private Equity. The deal has been approved by Billtrust’s board of directors.

EQT partner and global technology sector team co-head Arvindh Kumar said: “The Billtrust platform features modern solutions, a compelling value proposition, and, like EQT, a commitment to innovation and transformation in the digital era. Additionally, the Company operates at the intersection of software, fintech, and payments—sectors in which EQT has deep familiarity and a track record of success.

“With proprietary end-to-end solutions that generate value for all stakeholders and across economic cycles, Billtrust is poised to advance its leading offering in the underpenetrated accounts receivable automation space.”

The deal, which is subject to approval by Billtrust’s shareholders, applicable regulatory approval, and other conditions, is expected to be wrapped up in Q1 2023.