Billtrust snapped up by EQT Private Equity in $1.7bn deal
Billtrust, a US-based business-to-business (B2B) accounts receivable (AR) automation and integrated payments provider, is to be acquired by EQT Private Equity in a deal worth $1.7 billion.
The deal will see Billtrust shareholders receive $9.50 per share in cash, representing a more than 64% premium above the closing share price of $5.77 on 27 September 2022.
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 complex and historically manual processes around credit decisioning and monitoring, online ordering, invoicing, payments and remittance capture, cash application and collections.
The deal 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 Q1 2023.
Upon completion of the transaction, Billtrust shares will no longer trade on the NASDAQ and the firm will become a private company.
Arvindh Kumar, partner and co-head of EQT’s global technology sector team, says Billtrust operates at the intersection of software, fintech and payments — “sectors in which EQT has deep familiarity and a track record of success”.
Billtrust founder and CEO Flint Lane adds B2B payments and accounts receivable “continue to be ripe for massive disruption and innovation” and says the deal will provide the firm “with greater resources” and flexibility to grow.
Billtrust has made two acquisitions itself in recent years, with the firm buying fellow B2B paytech Order2Cash in February and iController last year. The latter helped broaden the company’s Business Payments Network (BPN), an open network supporting buyers and suppliers.