Acquisition of Billtrust by EQT Private Equity completed in deal that values it at $1.7B

B2B payments company Billtrust was acquired by global investment firm EQT Private Equity. The transaction was announced on Sept. 28 and was approved by shareholders on Dec. 13.

The all-cash transaction values Billtrust’s equity at about $1.7 billion and comes a year after the company began trading on Nasdaq. With the completion of the acquisition, Billtrust has ceased trading and will no longer be listed.

“This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees, while providing shareholders an immediate and substantial cash value with a compelling premium,” Billtrust founder and CEO Flint Lane had said at the time.

“We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position.”

Based in Lawrenceville, Billtrust’s cloud-based software helps businesses move from paper invoicing to a digital payments system. The company, which had been looking for a buyer for several months, went public in a special purpose acquisition company merger in 2021.

J.P. Morgan Securities LLC served as exclusive financial adviser to Billtrust, while Davis Polk & Wardwell LLP acted as legal counsel to Billtrust. Evercore served as financial adviser to EQT, and Weil, Gotshal & Manges LLP acted as legal counsel to EQT.