This announcement is posted on Cision PR Newswire and reviews a merger of sorts between South Mountain Merger Corp and Billtrust. In effect, this agreement will take Billtrust public, to be listed on Nasdaq. Billtrust is a New Jersey-based fintech that specializes in accounts receivable technology. It had developed a strategic partnership with Visa on a Business Payments Network a couple of years back. South Mountain is specifically constructed as a merger company.
‘Upon closing of this transaction, the Company intends to change its name to BTRS Holdings Inc. and is expected to trade on The Nasdaq Stock Market under a new ticker symbol. Billtrust’s management team led by Flint Lane, Founder and Chief Executive Officer, Steve Pinado, President, and Mark Shifke, Chief Financial Officer, will continue to lead the Company….Billtrust is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable (AR) is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper-based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoicing, cash application and collections. Billtrust’s solutions integrate with a number of ecosystem players, including financial institutions, enterprise resource planning (ERP) systems, and accounts payable (AP) software platforms, to help customers recognize revenue more quickly and efficiently. Customers use Billtrust’s platform to transition from expensive paper invoicing and check acceptance to efficient electronic billing and payments, which accelerates revenue capture, generates cost savings, and provides a better user experience.’
The accounts payables and receivables space has been (and should continue to be) hot and only became more so due to the pandemic. This has been a theme across the various online conferences such as Sibos. Generally speaking, the receivables side of financial operations has played second fiddle to payables, but that gap has been closing as more companies pay attention to DSO as part of their working capital strategies. The ongoing collaboration between FIs and fintechs also continues as both sectors find opportunities across each others’ client bases.
‘Flint Lane, Founder and CEO of Billtrust, commented, “Over the last 19 years, we have built comprehensive B2B commerce solutions across the value chain, creating real business outcomes and significant value for our customers, while making it easy for them to get paid. As we begin our journey as a public company, we are thrilled to partner with the South Mountain team and know we will benefit from their extensive industry experience. We believe AR is ripe for innovation, and together we will continue to invest in opportunities to scale the business, growing both organically and inorganically, as we seek to tackle the large total addressable market. As a leader in AR automation, we believe Billtrust is well-positioned to own a disproportionate share.” ‘
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group