EQT will delist Billtrust. Credit: mohamed Hassan from Pixabay.

EQT’s EQT X Fund (EQT Private Equity) has reached a definitive agreement to buy Billtrust in an all-cash transaction valued at around $1.7bn.

As per the terms of the acquisition, shareholders of Billtrust will receive $9.5 in cash in exchange for each Billtrust stock held.

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The offer price is more than 64% above Billtrust’s closing share price of $5.77 on 27 September 2022.

Following the acquisition, EQT plans to de-list Billtrust from Nasdaq and make it a private company.

Founded in 2001, Billtrust provides cloud-based software and payment processing solutions to simplify and automate B2B commerce.

The firm automates complex and manual processes related to credit decisioning and monitoring, online ordering, invoicing, payments and remittance capture, cash application and collections to boost cash flow.

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Billtrust founder and CEO Flint Lane said: “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.

“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.”

EQT partner and co-head of the global technology sector team Arvindh Kumar said: “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.” Billtrust’s board of directors has approved the transaction, which is expected to close in the first quarter of 2023.