Post-merger, the fintech company plans to be renamed as BTRS Holdings and is likely to trade on Nasdaq


Billtrust to be acquired by South Mountain. (Credit: Pete Linforth from Pixabay)

Billtrust, a US-based B2B order-to-cash solutions provider, has agreed to merge with blank cheque company South Mountain Merger, in a deal worth around $1.3bn.

The merger will enable the payments services provider to become a publicly traded company.

Headquartered in New Jersey, the company offers cloud-based software and integrated payment processing solutions aimed at simplifying and automating B2B commerce.

B2B solutions provided by Billtrust

The company claims to have been a spearhead in the digital transformation of accounts receivable (AR) by automating credit decisioning and monitoring, invoice delivery, cash application, payment capture, collections, and other activities.

Billtrust’s solutions are designed to integrate with various ecosystem players. These include financial institutions, enterprise resource planning (ERP) systems, and accounts payable (AP) software platforms, for enabling customers to get their revenue more quickly and efficiently.

For simplifying and optimising the process of accepting electronic payments, the company had created a network called Business Payments Network (BPN) which connects buyers, suppliers, and financial institutions.

Billtrust founder and CEO Flint Lane said: “Over the last 19 years, we have built comprehensive B2B commerce solutions across the value chain, creating real business outcomes and significant value for our customers, while making it easy for them to get paid.

“As we begin our journey as a public company, we are thrilled to partner with the South Mountain team and know we will benefit from their extensive industry experience.

“We believe AR is ripe for innovation, and together we will continue to invest in opportunities to scale the business, growing both organically and inorganically, as we seek to tackle the large total addressable market.”

Upon completion of the deal, Billtrust plans to be renamed as BTRS Holdings and is likely to trade on The Nasdaq Stock Market.

The company’s management team, which includes Lane, president Steve Pinado, and chief financial officer Mark Shifke, will continue to lead it after the merger.

South Mountain CEO Chuck Bernicker said: “Over the years I have had the pleasure of watching Flint and the Billtrust team solve some of the most complex problems in AR with their powerful technology platform.

“Billtrust’s end-to-end solutions are truly driving the digital transformation of AR and represent the future of B2B payments. I couldn’t be more excited to partner with this visionary team to seek to transform B2B commerce.”

The deal, which will be subject to approval by South Mountain’s shareholders and other conditions, is expected to be completed in early 2021.