Bain Capital gives $25 million advance to Billtrust
14 November 2012 | 1041 views | 0
Billtrust, the premier provider of outsourced billing services, today announced it has closed a $25 million funding round from Bain Capital Ventures, one of the nation's leading private equity firms.
Building on a record of growth that has made it the recognized innovator in both electronic and paper-based billing solutions, Billtrust will use the capital to identify and acquire companies that will further strengthen its position atop the burgeoning billing and payments industry.
Billtrust's choice of Bain Capital Ventures followed a lengthy review process. As part of the new relationship, Matt Harris, managing partner of Bain Capital Ventures, New York, will join Billtrust's board of directors.
"Most private equity firms are interested in making financial investments. Bain Capital Ventures is different," said Flint Lane, President and CEO of Billtrust. "In addition to its funding, Bain brings a wealth of expertise in corporate acquisitions that will be of immense value as we evaluate opportunities. In addition, Matt Harris' deep understanding of the payments industry will expedite our new working relationship and allow us to execute our plans quickly."
Since its founding 11 years ago, Billtrust has been at the forefront of driving electronic billing and payment for consumer and business billing across North America. Billtrust pioneered online bill presentment and payment through its Invoice Gateway™ service and gave clients an easy way to review all their billing activity through its CustomerCare online portal. In 2012 Billtrust introduced Invoice Central™, the first business billing destination site for vendors and small businesses.
"As the world quickly moves from paper to electronic billing, there is incredible opportunity for an enterprise-focused service provider with the right balance of technology and customer-facing methodology to be a leader in this space," said Matt Harris. "There are currently many payments players in the consumer space, but Billtrust is the first company we have seen that is so well positioned to dominate the enterprise market. Additionally, we have been consistently impressed with the vision and experience of Flint and d his executive team. This is a team with the values and characteristics necessary for success."
Billtrust has been named Growth Company of The Year by the New Jersey Technology Council and one of New Jersey's 50 Fastest Growing Companies by NJBIZ. It also was listed as 199th fastest growing company in America in Deloitte's 2011 Technology Fast 500 Rankings. Its CEO, Flint Lane, was named as one of the 25 Most Influential Financial Operations Professionals by the Institute of Financial Operations (IFO) and was recognized in 2011 as an Ernst & Young Entrepreneur Of The Year®.
Bain Capital Ventures' investment in Billtrust is the second outside investment in Billtrust's history, bringing the total funding raised to $30 million. An earlier funding round, led by Edison Ventures, provided Billtrust the capital to grow revenues tenfold over a five-year period.
Billtrust was advised in its latest investment round by Raymond James & Associates (RJF).