The B2B order-to-cash software company has discontinued trading and will no longer be listed on Nasdaq following the conclusion of its purchase by the global investment organization, according to a news statement from Billtrust.
The deal was announced on September 28 and approved by shareholders on December 13.
Billtrust’s equity is valued at around $1.7 billion in the all-cash deal, which comes a year after the business went public and began trading on the Nasdaq.
“This deal ushers in an exciting new chapter for Billtrust, our customers, and staff, while providing shareholders with immediate and substantial financial value at a compelling premium,” stated Billtrust Founder and CEO Flint Lane at the time.
In a press release announcing the acquisition on September 28, Arvindh Kumar, partner, and co-head of EQT’s global technology sector team, stated that both companies are committed to innovation and transformation, have experience at the intersection of software, FinTech, and payments, and aim to help customers streamline their finance operations.
“Billtrust is prepared to enhance its leadership offering in the underpenetrated accounts receivable automation area with patented end-to-end solutions that produce value for all stakeholders and throughout economic cycles,” Kumar said at the time.
US LBM, a specialist building materials distributor, recently chose Billtrust as its enterprise-wide accounts receivable platform.
US LBM can now offer B2B buyers more digital payment choices at its 400 sites across the country thanks to Billtrust solutions.
Billtrust’s credit, invoicing, payments, and cash application tools will be deployed as part of this agreement, which was announced on October 12.
The combination of COVID and inflation will encourage businesses to automate their daily operations, according to Billtrust Chief Customer Officer Steve Lindeman in an interview published on December 15.
In today’s hard economy, “holdouts” who were previously averse to technological change are likely to reconsider, according to Lindeman, who adds that Billtrust follows up after six months to ensure a client is receiving the ROI that was initially negotiated.
