Billtrust has a new CEO three days after the completion of its go-private acquisition.
The B2B order-to-cash software provider said in a Monday (Dec. 19) press release that Sunil Rajasekar was named CEO, succeeding company founder Flint Lane, who will remain on the board of directors.
“Today marks the beginning of the next chapter of Billtrust, and I’m excited to see Sunil, a strong business leader with a robust technology background, take the reins to lead the company through its next stage of growth and maturation,” Lane said in the release.
Rajasekar is an experienced technology executive with a history of driving innovation and growth at B2B and financial services companies, according to the press release.
He most recently served as president of technology platform Mindbody, and previously served as general manager at eBay, chief technology officer at Lithium Technologies and vice president at Intuit. Rajasekar is also on the board of Duck Creek Technologies and Storable, the release said.
“I am honored to serve as the CEO of Billtrust, and it is clear to me that Billtrust is a special company with a great culture that solves a real business need for customers by removing the challenges around their order-to-cash processes,” Rajasekar said in the release. “This has always been a very important business function but even more so in today’s macro environment where managing a company’s cash flow and customer satisfaction is critical.”
As PYMNTS reported Friday (Dec. 16), with the completion of the acquisition of Billtrust by global investment organization EQT Private Equity, the software provider has ceased trading and will no longer be listed on Nasdaq.
The transaction was announced on Sept. 28, approved by shareholders on Dec. 13 and completed Dec. 16. The all-cash transaction valued Billtrust’s equity at about $1.7 billion and came a year after the company went public and began trading on Nasdaq.
Arvindh Kumar, partner and co-head of EQT’s global technology sector team, said Sept. 28 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.
In Monday’s press release, Rajasekar said: “I’m eager to collaborate with Flint as a director on our board, EQT as our new equity partner, our customers, partners and the incredible Billtrust team to drive our collective success.”
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