EQT Private Equity Completes Go-Private Acquisition of Billtrust

The acquisition of Billtrust by EQT Private Equity has been completed.

With the completion of its acquisition by the global investment organization, the B2B order-to-cash software provider has ceased trading and will no longer be listed on Nasdaq, Billtrust said in a Friday (Dec. 16) press release.

The transaction was announced on Sept. 28 and was approved by shareholders on Dec. 13.

As PYMNTS reported on Sept. 28, the all-cash transaction values Billtrust’s equity at about $1.7 billion and comes a year after the company went public and began trading on Nasdaq.

“This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees while providing shareholders and immediate and substantial cash value with a compelling premium,” Billtrust Founder and CEO Flint Lane said at the time. “We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position.”

Arvindh Kumar, partner and co-head of EQT’s global technology sector team said in the Sept. 28 press release announcing the acquisition 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.

“With proprietary end-to-end solutions that generate value for all stakeholders and across economic cycles, Billtrust is poised to advance its leading offering in the underpenetrated accounts receivable automation space,” Kumar said at the time.

In one recent example, specialty building materials distributor US LBM selected Billtrust as its enterprise-wide accounts receivable platform.

With Billtrust solutions, US LBM can now provide B2B buyers with more digital payment options at its 400 locations nationwide.

In this alliance announced Oct. 12, US LBM will deploy Billtrust’s credit, invoicing, payments and cash application products.

The double whammy of COVID and inflation will do much to spur companies to automate their everyday activities, Billtrust Chief Customer Officer Steve Lindeman told PYMNTS in an interview posted Dec. 15.

The “holdouts” that were previously resistant to technological change are likely to reexamine that reluctance in today’s challenging environment, said Lindeman, adding that Billtrust follows up after six months to make sure a customer is getting the return on investment (ROI) that was originally discussed.