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BTRS Holdings, Inc., known as Billtrust, is a market leader in providing cloud-based software and integrated payment processing solutions designed to simplify and automate B2B commerce. The company addresses the inefficiencies of traditional accounts receivable (AR) processes, which are often outdated, manual, and heavily reliant on paper. Billtrust offers essential solutions that cover various aspects of AR, including credit decisioning, online ordering, invoice delivery, payment and remittance capture, cash application, and collections.
Billtrust is spearheading the digital transformation of AR, helping businesses transition from costly paper invoicing and check payments to efficient electronic billing and digital payments. With a growing client base that now includes over 2,600 customers across 36 countries, Billtrust processes more than $1 trillion in invoice dollars annually. The company’s expertise and dedication to delivering meaningful customer outcomes have solidified its position as a trusted partner for finance leaders looking to control costs, improve cash flow, and enhance customer satisfaction.
In recent developments, Billtrust announced four new executive appointments aimed at strengthening its leadership team and bolstering financial resilience amid economic challenges. The new executives include Philip Ragona as Chief Legal Officer, Nick Izquierdo as Executive Vice President of Payments, and Esther Pomeleo-Fowler as Executive Vice President/Chief Customer Officer. Additionally, Christy Green has been promoted to Executive Vice President of Professional Services.
Billtrust continues to innovate with the launch of a new, user-friendly interface for its AI-powered AR software platform. This platform provides enhanced insights and a comprehensive view of AR processes, optimizing cash flow and improving staff productivity. A key feature of the platform is the Days to Pay Index, a proprietary benchmark measurement that offers customers valuable insights into their payment collection efficiency compared to industry peers.
Under its new brand promise, 'Moving Finance Forward,' Billtrust is committed to revolutionizing the order-to-cash process, elevating the customer experience, and helping companies achieve their financial goals faster. The company’s website, Billtrust.com, now features interactive web browsing capabilities and a new e-book titled 'Moving Finance Forward with Unified Order-to-Cash,' offering finance teams resources to leverage advanced analytics, AI, and automation in their AR processes.
BTRS Holdings Inc. announced that stockholders approved the merger agreement with EQT X Fund. The acquisition will see EQT acquire all outstanding shares of Billtrust for
Billtrust (NASDAQ: BTRS) has released its 2022-23 Gen Z and Digital Payments Study, revealing significant shifts in payment behaviors among this demographic. Key findings show that 36% of Gen Z have not used paper checks in six months, with 93% using P2P platforms regularly. The adoption of Buy Now, Pay Later (BNPL) is also notable, with 48% having utilized it recently. Security is prioritized over speed in payment preferences. These insights suggest a growing digital transformation in B2B payments influenced by Gen Z’s preferences.
BTRS Holdings (NASDAQ-BTRS) has announced a special shareholder meeting on December 13, 2022, to vote on the merger agreement with EQT Private Equity. This follows a proposed acquisition valued at approximately $1.7 billion, with shareholders set to receive $9.50 per share in cash, reflecting a premium of over 64% from the closing price on September 27, 2022. The transaction is expected to close in Q4 2022, pending approval from shareholders and regulatory bodies. Following the completion, Billtrust will become a private company.
BTRS Holdings Inc. (NASDAQ: BTRS) reported a strong performance for Q3 2022, achieving total revenue of $51.4 million, a 24.2% increase from $41.4 million in Q3 2021. The software and payments segment revenue grew by 35.2% year-over-year to $35.2 million. Despite this growth, the company posted a net loss of $21.2 million, worsening from $11.2 million in the previous year. Key metrics include a total payment volume increase of 34.9% to $28.3 billion and an adjusted gross margin rise to 74.9%. Billtrust ended the quarter with $145.9 million in cash and no debt.
Kaskela Law LLC has initiated a shareholder lawsuit against BTRS Holdings (NASDAQ: BTRS) related to its planned acquisition by EQT X Fund. Announced on September 28, 2022, shareholders are set to receive $9.50 per share, which is lower than prior analyst price targets. The lawsuit claims Billtrust and its executives violated federal securities laws by issuing a misleading proxy statement. Shareholders seeking further information on their legal rights can contact Kaskela Law.
BTRS Holdings Inc. (NASDAQ: BTRS), a leader in B2B accounts receivable automation, will release its third quarter 2022 financial results on November 9, 2022. Due to a pending transaction with EQT Private Equity announced on September 28, 2022, the company will cease quarterly earnings conference calls but continue releasing financial results and filing with the SEC. This transaction is expected to significantly impact the company's operations and future financial performance. For further details, refer to the company's SEC filings.
Billtrust (NASDAQ: BTRS) announced a partnership with US LBM, the largest privately owned distributor of specialty building materials in the U.S. US LBM will implement Billtrust's accounts receivable platform across its 56 divisions to streamline cash flow and enhance the order-to-cash process. This collaboration will enable over 400 US LBM locations to offer B2B buyers more digital payment options.
Billtrust aims to support US LBM's growth strategy, emphasizing improved operational efficiency and electronic invoicing capabilities.
Billtrust (NASDAQ: BTRS) recently launched its inaugural Billtrust for Better Day, a global volunteering initiative where employees from five countries dedicated over 500 hours to support 21 community causes between September 16 and September 23, 2022. Activities included reading to children, food bank assistance, and environmental cleanups. According to CEO Flint Lane, this initiative reflects the company's commitment to philanthropy and community engagement, enhancing its social responsibility profile.
BTRS Holdings Inc. (NASDAQ: BTRS) announced an acquisition agreement with EQT X fund, valuing Billtrust at approximately
Billtrust (NASDAQ: BTRS) has released findings from a study on B2B eCommerce adoption, highlighting significant changes in buying and selling dynamics due to the pandemic and a younger workforce. Key data shows 80% of buyers frequently purchase online, with 88% of suppliers adopting eCommerce solutions. Notably, 41% of buyers reported profit increases of 25-49%. The report outlines that integrating consumer-like experiences can enhance supplier relationships, while gaps exist in expectations between buyers and suppliers. The full study is detailed in a new white paper.
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