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.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI