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Billtrust, a US-based business-to-business (B2B) accounts receivable (AR) automation and integrated payments provider, will be acquired by EQT Private Equity in a transaction valued at $1.7 billion.
Billtrust Acquired by EQT in $1.7 Billion Deal
As a result of the transaction, Billtrust stockholders received $9.50 per share in cash, representing a premium of more than 64% over the September 27, 2022 closing price of $5.77.
Founded in 2001, Billtrust is a provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. The platform automates the complex and historically manual processes of credit determination and monitoring, online ordering, billing, payment and transfer capture, and cash application and collection.
The transaction with EQT Private Equity, a division of global investment firm EQT, has been approved by Billtrust’s Board of Directors and is expected to close in the first quarter of 2023.
Upon completion of the transaction, Billtrust shares will no longer trade on the NASDAQ and the company will become a privately held company.
Arvindh Kumar, partner and co-head of EQT’s global technology sector team, said Billtrust operates at the intersection of software, fintech and payments.
Billtrust founder and CEO Flint Lane added that B2B payments and receivables “continue to be ripe for massive disruption and innovation”, adding that the deal will give “more resources” to grow. of flexibility for the company.
Billtrust has made two acquisitions in recent years, with the company acquiring B2B paytech Order2Cash in February and iController last year. The latter helped grow the company’s Business Payments Network (BPN), an open network that supports buyers and suppliers.
