Billtrust Set to Be Acquired for $1.7 Billion
Billtrust, the Lenox Drive-based B2B accounts receivable automation and integrated payments company, is set to be acquired by EQT X fund, a part of global investment organization EQT, in an approximately $1.7 billion transaction.
Under the terms of the deal announced on September 28, Billtrust shareholders will receive $9.50 per share, a substantial premium over their closing price of $5.77 on September 27.
Founded in 2001, Billtrust accelerates cash flow by automating complex and historically manual processes around credit decisioning and monitoring, online ordering, invoicing, payments and remittance capture, cash application and collections.
“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,” Flint Lane, Billtrust’s founder and CEO, said in a statement. “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.”
Arvindh Kumar, partner and the co-head of EQT’s Global Technology Sector Team, added: “The Billtrust platform features modern solutions, a compelling value proposition, and, like EQT, a commitment to innovation and transformation in the digital era. Additionally, the company operates at the intersection of software, fintech, and payments — sectors in which EQT has deep familiarity and a track record of success. With proprietary end-to-end solutions that generate value for all stakeholders and across economic cycles, Billtrust is poised to advance its leading offering in the underpenetrated accounts receivable automation space.”
The transaction is expected to be completed in the first quarter of 2023. Upon its completion, Billtrust, which currently trades on the NASDAQ under BTRS, will become a privately held company.
Billtrust (BTRS), 1009 Lenox Drive #101, Lawrence 08648. 609-235-0810. Flint Lane, founder and CEO. billtrust.com.
Princeton U. to Divest from Fossil Fuel Companies
The Board of Trustees of Princeton University has voted to dissociate from 90 companies pursuant to a fossil fuel dissociation decision from last year on the most-polluting segments of the industry, as well as concerns about corporate disinformation campaigns.
In steps towards the Board’s related commitment to achieving a net-zero endowment portfolio over time, the Princeton University Investment Company (PRINCO), which manages the school’s endowment, will also eliminate all holdings in publicly traded fossil fuel companies. PRINCO will also ensure that the endowment does not benefit from any future exposure to those companies.
The companies subject to dissociation are all active in the thermal coal or tar sands segments of the fossil fuel industry, which are among the sector’s largest contributors to carbon emissions. The quantitative criteria used to determine the dissociation list were based on recommendations made by a faculty panel in a report submitted in May.
“We’re grateful to the Princeton faculty members who dedicated their time and expertise to addressing an important and challenging set of questions,” says Board Chair Weezie Sams. “It is thanks to their work, and the engagement of many members of the University community, that we’re able to take these steps today.”
The board’s vote is the culmination of a community-initiated two-year process that included input from stakeholders across the campus community. The university will also establish a new fund to support energy research at Princeton, in part to offset research funding no longer available because of dissociation.
“Princeton will have the most significant impact on the climate crisis through the scholarship we generate and the people we educate,” President Christopher L. Eisgruber says. “The creation of this new fund is one of several ways that the University is helping to provide Princeton researchers with the resources they need to pursue this work.”
For more information, see the full update online at fossilfueldissociation.princeton.edu.
