Billtrust (BTRS) to Be Acquired by EQT Private Equity at $9.50 Per Share

Billtrust (NASDAQ:BTRS), which combined with South Mountain in January 2021, announced this morning that it has agreed to be acquired by private equity fund EQT in an all-cash deal for $9.50 per share.

This is a 76% premium over the stock’s 90-day VWAP and a 64% premium over its last close at $5.77. Although this comes in -5% below South Mountain’s $10 IPO price, it nonetheless represents a major victory in the current market, with its host exchange down -29.7% on the year.

Other de-SPAC acquisitions this year have not been so generous. 2020 de-SPAC SOC Telemed announced in February it would be acquired for $3 per share, while Romeo Power (NYSE:RMO) agreed to be acquired by fellow de-SPAC Nikola (NASDAQ:NKLA) in August, exchanging each Romeo share for 0.1186 Nikola shares. That rate equated to roughly $0.81 per share in value on the day it was announced, or $0.46 per share as of market open today.

Lawrenceville, New Jersey-based Billtrust provides accounts receivable (AR) and accounts payable (AP) software with order-to-cash credit solutions to improve cashflow and eliminate paper invoicing.

It reported $40.2 million in net revenue in the second quarter of 2022 with -$4.2 million EBITDA, while bumping up its full year guidance slightly to $197 million to $207 million in net revenue with -$14 million to -$16 million in EBITDA losses.