• General
  • October 20, 2020
  • 3 minutes read

Billtrust Eyes Reverse Listing

Billtrust, a B2B payments company, has announced that it’s clinched a deal to become a publicly-traded company by merging with South…

Billtrust, a B2B payments company, has announced that it’s clinched a deal to become a publicly-traded company by merging with South Mountain Merger Corporation, a publicly traded special purpose acquisition company. The merger is expected to add $450 million to Billtrust’s balance sheet, consisting of $250 million in funding already secured by South Mountain Merger Corporation and an additional $200 million to be raised from investors including Fidelity, Franklin Templeton, and Wellington Management. 

The merger is expected to give Billtrust an initial valuation of $1.5 billion on the public markets. 

Billtrust is looking to go public after nearly two decades as a private company, wherein it’s raised $115 million in funding from a group of investors including notable names like Goldman Sachs, Bain Capital Ventures, and Riverwood Capital.

Billtrust is a business-to-business (B2B) payments company that facilitates services like credit monitoring, invoice delivery, and cash applications and collections for enterprises. The company expects to earn $161 million in revenue next year.

With the proceeds from its merger, Billtrust intends to pay down existing debt and keep the rest in a move that’ll leave the company debt-free and with a cash balance of $200 million. The merger is expected to be completed in early 2021.

skillz.com

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