Billtrust, which works in accounts receivable automation and integrated B2B payments, has concluded a specific intent acquisition corporation (SPAC) merger with South Mountain Merger Corp., according to a press launch.
A SPAC merger suggests that the company is allying with a blank-check out expense agency to assistance it go public without the need of going through the procedure of an first community offering (IPO).
Billtrust will work to provide cloud-dependent program and built-in payment options to help streamline and automate B2B commerce.
Right after the merger was finished, South Mountain altered its name to BTRS Holdings Inc., signaling it is working with Billtrust, the launch stated. Its Class 1 frequent inventory and warrants are predicted to start off investing Wednesday (Jan. 13) on the Nasdaq Worldwide Find Current market and the Nasdaq Capital Market less than the symbols “BTRS” and “BTRSW,” respectively.
Billtrust Founder and CEO Flint Lane stated in the launch that the business is “incredibly fired up to lover with our new board of directors and investors as we keep on to guide the drive toward digitized, integrated B2B payments.”
“The accounts receivable market is ripe for innovation, and we believe that currently being a public organization far better positions us to provide our shoppers while giving sizeable cash overall flexibility for ongoing expansion, both equally natural and inorganic,” Lane included, in accordance to the launch.
Chuck Bernicker, CEO of South Mountain, said in the launch that the firm thinks Billtrust is “has crafted an incredible business, and we’re psyched to assistance them alongside their community industry journey.”
PYMNTS claimed on Billtrust’s intent to go public by way of SPAC in Oct, with the merged agency slated to be stated publicly with a $1.3 billion implied estimated business worth at closing primarily based on assumptions. Lane reported at the time that the company operates on “comprehensive B2B commerce solutions” for customers and was happy to go general public.
Lane also spoke with PYMNTS in Oct and talked about the course of action of going community, stating the business experienced at first been skeptical of working with a SPAC, but experienced considering that come all over after understanding about the strengths for timing, certainty and the sum of funds that could be raised.