BTRS Holdings Inc. announced Sept. 28 it entered into a definitive agreement to be acquired by EQT X fund, part of global investment organization EQT, in an all-cash transaction valued at approximately $1.7 billion.
Lawrenceville-based BTRS Holdings – more commonly known as Billtrust – is a B2B accounts receivable automation and integrated payments company that was founded in 2001.
“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,” Billtrust Founder and CEO Flint Lane said in a statement.
“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,” Lane continued.
Under the deal, Billtrust shareholders will receive $9.50 per share in cash upon closing, which represents more than a 64% premium above the Sept. 27 closing share price of $5.77, and more than a 76% percent premium above the trailing 90-day volume weighted average stock price for the period ended that same day.
Arvindh Kumar, partner and co-head of EQT’s Global Technology Sector team, added: “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.”
J.P. Morgan Securities LLC is serving as exclusive financial advisor to Billtrust and Davis Polk & Wardwell LLP is acting as legal counsel to the company. Evercore is serving as financial advisor to EQT, and Weil, Gotshal & Manges LLP is acting as legal counsel.
The transaction is expected to close in the first quarter of 2023, subject to customary closing conditions. Upon completion of the transaction, Billtrust’s shares will no longer trade on the Nasdaq, and Billtrust will become a private company.
In 2020, Billtrust and South Mountain Merger Corp. announced they would go public in a deal valued at $1.3 billion. At that time, Billtrust officially changed its name to BTRS Holdings.