Flint Lane, center, at the opening of Billtrust’s Lawrence headquarters in 2018.

Billtrust, the Lawrence-based provider of business-to-business payment processing solutions, announced its merger with South Mountain Merger Corporation. The combined company, to be known as BTRS Holdings, is expected to trade on the Nasdaq Stock Market. The deal is expected to close in early 2021.

Flint Lane, founder and CEO of Billtrust, will continue to lead the company along with president Steve Pinado and chief financial officer Mark Shifke.

New York-based South Mountain Merger Corporation is a type of blank check company known as a special purpose acquisition company, or SPAC. It raises funds through an initial public offering in order to finance a merger with or acquisition of an existing company.

South Mountain’s deal with Billtrust values the combined company at $1.3 billion and will leave it with $200 million in cash. Current Billtrust equity holders will receive a combination of cash and stock from the transaction.

“Over the last 19 years, we have built comprehensive B2B commerce solutions across the value chain, creating real business outcomes and significant value for our customers, while making it easy for them to get paid,” Lane said in a statement. “As we begin our journey as a public company, we are thrilled to partner with the South Mountain team and know we will benefit from their extensive industry experience.

“We believe [accounts receivable] is ripe for innovation, and together we will continue to invest in opportunities to scale the business, growing both organically and inorganically, as we seek to tackle the large total addressable market. As a leader in AR automation, we believe Billtrust is well-positioned to own a disproportionate share.”

Billtrust, 1009 Lenox Drive, Lawrenceville 08648. 609-235-1010. Flint Lane, founder and CEO. www.billtrust.com.

 

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