Breaking Stories

BillTrust To Make Its NASDAQ Debut Today Trading As BTRS

Billtrust, which works in accounts receivable automation and integrated B2B payments, has completed a special purpose acquisition company (SPAC) merger with South Mountain Merger Corp., according to a press release.

A SPAC merger means that the company is allying with a blank-check investment firm to help it go public without undergoing the process of an initial public offering (IPO).

Billtrust works to provide cloud-based software and integrated payment solutions to help streamline and automate B2B commerce.

After the merger was completed, South Mountain changed its name to BTRS Holdings Inc., signaling it is working with Billtrust, the release stated. Its Class 1 common stock and warrants are expected to begin trading Wednesday (Jan. 13) on the Nasdaq Global Select Market and the Nasdaq Capital Market under the symbols “BTRS” and “BTRSW,” respectively.

Billtrust Founder and CEO Flint Lane said in the release that the company is “incredibly excited to partner with our new board of directors and investors as we continue to lead the drive towards digitized, integrated B2B payments.”

“The accounts receivable industry is ripe for innovation, and we believe being a public company better positions us to serve our customers while offering significant capital flexibility for continued growth, both organic and inorganic,” Lane added, according to the release.

Chuck Bernicker, CEO of South Mountain, said in the release that the company thinks Billtrust is “has built an extraordinary business, and we’re excited to support them along their public market journey.”

PYMNTS reported on Billtrust’s intent to go public via SPAC in October, with the combined firm slated to be listed publicly with a $1.3 billion implied estimated enterprise value at closing based on assumptions. Lane said at the time that the company works on “comprehensive B2B commerce solutions” for customers and was happy to go public.

Lane also spoke with PYMNTS in October and talked about the process of going public, saying the company had initially been skeptical of using a SPAC, but had since come around after learning about the advantages for timing, certainty and the amount of money that could be raised.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

Leave a reply

Your email address will not be published. Required fields are marked *

Next Article:

0 %