B2B payments company Billtrust has been sold to the investment organization EQT in an all-cash transaction that values Billtrust’s equity at approximately $1.7 billion.
According to a Wednesday (Sept. 28) news release, Billtrust, which has traded on the Nasdaq since going public last year, will become a private company upon the conclusion of the sale.
“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,” said Flint Lane, Billtrust founder and CEO.
Based in New Jersey, Billtrust’s software helps businesses move from paper invoicing to a digital payments system. According to its website, the firm has more than 760 employees in seven countries.
The company, which has been looking for a buyer for the past few months, went public in a special purpose acquisition company (SPAC) merger in 2021. Its shares hit their peak in the middle of February of last year before falling 73% in the ensuing months, as fewer businesses turned to digital payments solutions to handle COVID-19 lockdowns.
Last month, however, Billtrust reported quarterly results that showed the momentum of the accelerating trend toward automation and digitization in the B2B payments space.
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