Billtrust to Combine With South Mountain, a Special Purpose Acquisition Company, at $1.3 Billion Value
Boston – November 20, 2020 – Cooley advised Billtrust, a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce, on its agreement to combine with South Mountain Merger Corporation, a publicly traded special purpose acquisition company or SPAC. The combined company will continue as a publicly listed entity and have an implied estimated enterprise value of approximately $1.3 billion at closing. Partners Miguel Vega, Nicole Brookshire and Matt Browne led the Cooley team advising Billtrust.
Upon closing, which is expected in early 2021, the company will change its name to BTRS Holdings and trade on The Nasdaq Stock Market under a new ticker symbol. Billtrust’s management team will continue to helm the combined company.
"We have built comprehensive B2B commerce solutions across the value chain, creating real business outcomes and significant value for our customers, while making it easy for them to get paid,” Flint Lane, founder and CEO of Billtrust, said in a news release. “As we begin our journey as a public company, we are thrilled to partner with the South Mountain team and know we will benefit from their extensive industry experience.”
Billtrust is at the forefront of the digital transformation of accounts receivable, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoicing, cash application and collections. Billtrust's solutions integrate with a number of ecosystem players, including financial institutions, enterprise resource planning systems and accounts payable software platforms, to help customers recognize revenue more quickly and efficiently.
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