The sale generated more than a 10x return for Edison Partners, it said. Other financial terms were not disclosed.
“Billtrust Founder and CEO Flint Lane was a visionary in 2001, continues to be the leading innovator in B2B billing payments, and pioneered payment cycle management today. He saw the opportunity in this market before the Fintech ecosystem declared enterprise-focused Fintech a ‘cool’ sector,” said Chris Sugden, managing partner of Edison Partners. “Flint and the entire Billtrust team epitomize the founders, CEOs and growth-stage businesses we aim to serve.”
Founded in 2001, Billtrust helps companies automate and accelerate their accounts receivable processes. Since Edison’s investment, Billtrust has grown revenue 30x, has more than 500 employees and acquired seven companies.
“Edison’s capital helped to finance our growth, while the investments from the Edison team, Director Network and the Edison Edge value-add platform helped us to scale our growth,” said Flint Lane, founder and CEO, Billtrust. “Chris’ board leadership, mentorship and friendship has been invaluable to the business, and to me personally; and more recently, Kelly Ford’s hands-on participation with our team and board has helped us evolve our go-to-market strategy to achieve the next level of scalable growth. I look forward to many more years working in close partnership with the team at Edison.”
“While we at Edison strove to enhance Billtrust’s business, Flint enhanced ours. He inspired our annual CEO Summit and the expansion of our Edison Edge platform,” said Kelly Ford, partner at Edison Partners and board member. “We thank Flint and the entire Billtrust team for their vision, tenacity and partnership, qualities that exceptionally position them for continued B2B billing and payment market dominance.”
Robert Farrell, CEO of GlobalTranz and a member of the Edison Director Network, and Ford, will both remain on the company’s board of directors.