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Billtrust to go public

Billtrust to go public

B2B order-to-cash outfit Billtrust is set to go public via a deal with a special purpose acquisition company (Spac).

Billtrust has entered into a definitive combination agreement with South Mountain Merger Corporation that will see the combined company publicly listed with an implied enterprise value of around $1.3 billion.

The firm will change its name to BTRS Holdings and trade on the Nasdaq. Th current Billtrust management team will remain in place.

Billtrust provides cloud-based software and integrated payment processing solutions that are designed to simplify and automate B2B commerce. In 2018 it set up Business Payment Network to connect buyers, suppliers, and financial institutions to simplify and streamline the process of accepting electronic payments.

Flint Lane, CEO, Billtrust, says: "We believe AR is ripe for innovation, and together we will continue to invest in opportunities to scale the business, growing both organically and inorganically, as we seek to tackle the large total addressable market."

Meanwhile, payments firm Paya has today started trading on the Nasdaq following a combination with another Spac, FinTech Acquisition Corp III.

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