- BTRS Holdings Inc. (NASDAQ: BTRS) announced it is being acquired for $1.7 billion. These are the details.
BTRS Holdings Inc. (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, announced that it has entered into a definitive agreement to be acquired by EQT X fund, part of EQT, a leading global investment organization, in an all-cash transaction valuing Billtrust’s equity at approximately $1.7 billion.
Agreement terms: Under the terms of the agreement, Billtrust shareholders will receive $9.50 per share in cash upon the closing of the transaction. The price per share represents more than a 64 percent premium above the closing share price of $5.77 on September 27, 2022, and more than a 76 percent premium above the trailing 90-day volume weighted average stock price for the period ended September 27, 2022.
What Billtrust does: Since its founding in 2001, Billtrust has maximized its customers’ operational efficiency across the order-to-cash spectrum with a flexible and integrated cloud-based solution. Billtrust accelerates cash flow by automating complex and historically manual processes around credit decisioning and monitoring, online ordering, invoicing, payments and remittance capture, cash application and collections.
Transaction details: The transaction, which was approved by the Billtrust Board of Directors, is expected to close in the first quarter of 2023, subject to customary closing conditions, including approval by Billtrust shareholders and receipt of applicable regulatory approval. And upon completion of the transaction, Billtrust’s shares will no longer trade on the NASDAQ, and Billtrust will become a private company.
“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.”
— Flint Lane, Billtrust Founder and CEO
“We look forward to partnering with Billtrust in its journey to help customers digitize and streamline their finance operations. 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.”
— Arvindh Kumar, Partner and Co-Head of EQT’s Global Technology Sector Team