EQT buys Billtrust (BTRS) for $1.7 billion in cash: details

  • BTRS Holdings Inc. (NASDAQ: BTRS) has announced its acquisition for $1.7 billion. These are the details.

BTRS Holdings Inc. (NASDAQ: BTRS), a leader in B2B customer account automation and integrated payments, announced that it has entered into a definitive agreement to be acquired by EQT Fund X, part of EQT, an organization a leading global investment firm in an all-cash transaction valuing Billtrust’s equity at approximately $1.7 billion.

Terms of the agreement: Under terms of the agreement, Billtrust shareholders will receive $9.50 per share in cash upon closing of the transaction. The price per share represents more than a 64% premium to the closing share price of $5.77 on September 27, 2022, and more than a 76% premium to the weighted average price of 90-day volume for the period ending September 27, 2022 .

What Billtrust does: Since its inception in 2001, Billtrust has maximized operational efficiency for its clients across the order-to-pay spectrum through a flexible and integrated cloud-based solution. Billtrust accelerates cash flow by automating complex and traditionally manual processes around credit adjudication and monitoring, online ordering, invoicing, payments and remittance capture, treasury applications and collections.

Transaction details: The transaction, which has been approved by Billtrust’s Board of Directors, is expected to close in the first quarter of 2023, subject to customary closing conditions, including Billtrust shareholder approval and receipt of regulatory approval. applies. And upon completion of the transaction, Billtrust shares will no longer trade on NASDAQ, and Billtrust will become a private company.

KEY QUOTES:

“This transaction marks the beginning of an exciting new chapter for Billtrust, our clients and our employees while providing shareholders with immediate and substantial cash value at an attractive premium. We believe that B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with more resources and flexibility to strengthen our leadership position.

— Flint Lane, Founder and CEO of Billtrust

“We look forward to partnering with Billtrust on its journey to help clients digitize and streamline their financial operations. The Billtrust platform offers modern solutions, a compelling value proposition and, like EQT, a commitment to innovation and transformation in the digital age. Additionally, the company operates at the intersection of software, fintech and payments, sectors in which EQT has deep knowledge and a track record of success. With proprietary end-to-end solutions that drive value for all stakeholders and across economic cycles, Billtrust is poised to advance its industry-leading offering in the underpenetrated accounts receivable automation space. .

— Arvindh Kumar, Partner and Co-Head of EQT’s Global Technology Sector Team

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