Billtrust, which is effective in accounts receivable automation and built-in B2B payments, has concluded a unique reason acquisition enterprise (SPAC) merger with South Mountain Merger Corp., according to a press launch.
A SPAC merger implies that the firm is allying with a blank-check out investment firm to aid it go community without the need of undergoing the method of an original community presenting (IPO).
Billtrust operates to present cloud-dependent application and built-in payment options to enable streamline and automate B2B commerce.
Following the merger was completed, South Mountain altered its name to BTRS Holdings Inc., signaling it is operating with Billtrust, the release mentioned. Its Class 1 typical stock and warrants are predicted to commence trading Wednesday (Jan. 13) on the Nasdaq Worldwide Select Market place and the Nasdaq Money Current market under the symbols “BTRS” and “BTRSW,” respectively.
Billtrust Founder and CEO Flint Lane mentioned in the release that the company is “incredibly excited to lover with our new board of directors and investors as we continue on to direct the travel towards digitized, built-in B2B payments.”
“The accounts receivable market is ripe for innovation, and we believe that remaining a public business much better positions us to serve our consumers whilst presenting substantial cash adaptability for continued progress, both of those natural and organic and inorganic,” Lane additional, in accordance to the release.
Chuck Bernicker, CEO of South Mountain, stated in the release that the firm thinks Billtrust is “has constructed an extraordinary small business, and we’re energized to help them along their general public sector journey.”
PYMNTS documented on Billtrust’s intent to go public via SPAC in Oct, with the merged company slated to be shown publicly with a $1.3 billion implied estimated business benefit at closing based on assumptions. Lane reported at the time that the company works on “comprehensive B2B commerce solutions” for consumers and was satisfied to go public.
Lane also spoke with PYMNTS in October and talked about the procedure of heading public, indicating the corporation experienced to begin with been skeptical of employing a SPAC, but had considering that occur around following learning about the rewards for timing, certainty and the amount of money of money that could be lifted.