Business Payments Firm Billtrust Eyes Sale

B2B accounts receivable (AR) automation firm Billtrust could be put up for sale by its owner, BTRS Holdings.

As Reuters reported Wednesday (July 27), BTRS is working with an investment bank as it considers its options, which include a sale to a private equity firm, according to sources familiar with the matter.

The sources, whole spoke on condition of anonymity, stressed that a deal was not certain.

Read more: Billtrust To Make NASDAQ Debut, Trading As BTRS

Billtrust’s software helps businesses move from paper invoicing to a digital payments system. According to its website, the New Jersey-based company employs more than 760 people in seven countries.

BTRS went public in a special purpose acquisition company (SPAC) merger in 2021. As Reuters notes, its shares hit their peak in the middle of February of last year, but have fallen 73% in the ensuing months, as fewer businesses turned to digital payments solutions to deal with COVID-19 pandemic lockdowns.

The Reuters report says the company hasn’t shown a quarterly net profit since its listing, something Billtrust has said is the result of maintaining high rates of investment in expanding products and services, both in the United States and abroad.

Learn more: Billtrust, JAGGAER Team on Automated B2B Invoices

Last month, Billtrust launched a strategic partnership with JAGGAER, an autonomous commerce company, to give suppliers access to automated invoicing.

The goal of the collaboration is to help businesses reduce manual work and administration costs, as Billtrust lets suppliers click a button in their financial system to send an invoice to a buyer without the need for any manual work.

When a supplier receives a purchase order, they can create an invoice that then goes to a specific email address for that supplier. Billtrust autonomously processes and sends the invoice to the buyer via the JAGGAER ONE platform.

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