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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 The company addresses the inefficiencies of traditional accounts receivable (AR) processes, which are often outdated, manual, and heavily reliant on paper.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.
Dock, a leader in financial technology infrastructure across Latin America, has strengthened its Board of Directors by appointing three executives from prominent global companies, including Airbnb, Billtrust, and Globant. The new members are Sam Shrauger, Global Head of Payments at Airbnb, Mark Shifke, CFO of Billtrust, and Patricia Pomies, COO of Globant. This expansion follows Dock's rebranding from Conductor and aims to leverage their industry expertise to enhance Dock's position within the digital payments market.
BTRS Holdings reported strong financial results for Q2 2021, with total revenue increasing 16.3% year-over-year to $40.2 million. Software and payments segment revenue surged 27% to $24.6 million. Gross profit, excluding depreciation and amortization, rose 23.4% to $22.2 million with a gross margin expansion to 55.3%. Total Payment Volume (TPV) also saw impressive growth, up 47% to $18.8 billion. The company raised its full-year guidance, projecting total revenue between $163 million and $167 million, reflecting continued momentum in its payments business.
BTRS Holdings, known as Billtrust (NASDAQ: BTRS), announced that President Steve Pinado will participate in a fireside chat at the KeyBanc Technology Leadership Forum on August 12, 2021, at 1:20 PM ET. The event will highlight Billtrust's role as a leader in B2B accounts receivable automation and integrated payment solutions. A live webcast and replay will be accessible through the Company’s investor relations website. Billtrust aims to transform outdated AR processes with its cloud-based software, enhancing automation and efficiency in B2B transactions.
Billtrust (NASDAQ:BTRS) has launched its new Global Partner Program to enhance resources and support for partners in the financial ecosystem. Led by Gwenn Lazar, the program aims to accelerate digital transformation and improve customer experiences. Currently, 53 companies are participating, with benefits like access to an intuitive portal, co-branded assets, tailored training, dedicated support teams, and quarterly webinars. Billtrust emphasizes its commitment to partner success, having doubled its team in six months and continued investment in its channel strategy.
BTRS Holdings Inc. (NASDAQ: BTRS) will announce its second quarter 2021 financial results during a conference call on August 11, 2021, at 5:30 PM ET. The call will be hosted by CEO Flint Lane and CFO Mark Shifke. Interested parties can access the call via webcast on the company's investor relations website, or through a phone dial-in. A replay will be available shortly after the call. Billtrust specializes in cloud-based software and integrated payment solutions, aiming to revolutionize inefficient B2B accounts receivable processes.
Billtrust (NASDAQ: BTRS) announces an expanded partnership with KONE Inc., a leader in the elevator sector, to utilize its Invoicing platform and Business Payments Network in Canada. This collaboration aims to enhance electronic invoicing and streamline digital payments, leveraging Billtrust's success in the U.S. market. Billtrust, recognized with the 2020 IDC SaaS Accounts Receivable Award, will aid KONE in reducing paper check usage and adopting best practices in integrated payments. The partnership is seen as a significant step in their digital transformation journey.
Billtrust (NASDAQ: BTRS) has published an extensive research study on the U.S. accounts receivable (AR) industry, revealing a disconnect between AR practitioners' perceptions and the actual modernization of their processes. Despite 86% of respondents feeling their AR departments are modernized, over 40% lack self-service capabilities and 60% find their systems frustrating. The study emphasizes the need for improvements in efficiency and integration, highlighting challenges like reliance on outdated methods and insufficient digital transactions. A white paper detailing the findings is available on Billtrust's website.
BTRS Holdings Inc. (Nasdaq: BTRS) announced a secondary offering of 9,000,000 shares of its Class 1 common stock at $12.25 per share, generating expected gross proceeds of $110.25 million. The offering is solely by existing shareholders, with no proceeds going to the company. An additional 1,350,000 shares may be purchased by underwriters within 30 days. The offering is expected to close by July 6, 2021, pending customary conditions. This move reflects shareholder liquidity rather than direct company capital inflow.
BTRS Holdings Inc. (Nasdaq: BTRS) announced a secondary offering of 9,000,000 shares of its Class 1 common stock, exclusively from existing shareholders. BTRS will not receive any proceeds from this offering. An additional option for underwriters to purchase up to 1,350,000 shares is available. The offering is subject to market conditions and will be facilitated by Citigroup, J.P. Morgan, BofA Securities, and William Blair. A registration statement was filed with the SEC on June 28, 2021, and is pending effectiveness.
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