Announcement • Dec 20
Billtrust Appoints Sunil Rajasekar as Chief Executive Officer Billtrust announced that Sunil Rajasekar has been appointed Chief Executive Officer. Rajasekar succeeds Flint Lane, the Company’s founder, who will remain on the Board of Directors. Rajasekar is a highly-experienced technology executive and comes to Billtrust with an impressive history of driving innovation and growth in his career. He has a successful track record across leading B2B and financial services companies, most recently serving as President of Mindbody, a leading experience technology platform for the fitness, wellness and beauty industries. Previously, Rajasekar served as General Manager at e-commerce giant eBay. He has also served as Chief Technology Officer for Lithium Technologies and as Vice President at Intuit. Sunil serves on the board of Duck Creek Technologies and Storable. Announcement • Oct 29
Kaskela Law LLC Announces Shareholder Lawsuit against BTRS Holdings Inc. in Connection with Proposed Sale of the Company at $9.50 Per Share Kaskela Law LLC announces that a shareholder lawsuit has been filed against BTRS Holdings Inc. On September 28, 2022, Billtrust announced that it would be acquired by EQT X Fund, an affiliate of private equity firm EQT. According to the announcement, Billtrust stockholders are expected to receive only $9.50per share for their stock. Notably, prior to the announcement of this proposed sale of the Company to EQT, several analysts had assigned a price target for BTRS shares above the buyout price. The complaint alleges that Billtrust and certain of the Company’s senior executive officers and directors violated the federal securities laws (including by filing a materially incomplete and misleading proxy statement with the SEC) in connection with the proposed sale of the Company. Announcement • Oct 26
BTRS Holdings Inc. to Report Q3, 2022 Results on Nov 09, 2022 BTRS Holdings Inc. announced that they will report Q3, 2022 results After-Market on Nov 09, 2022 Announcement • Oct 01
EQT Plans to De-List Billtrust from Nasdaq and Make It A Private Company EQT's EQT X Fund (EQT Private Equity) has reached a definitive agreement to buy BTRS Holdings Inc. (Billtrust) in an all-cash transaction valued at around $1.7 billion. As per the terms of the acquisition, shareholders of Billtrust will receive $9.5 in cash in exchange for each Billtrust stock held. 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. Announcement • Sep 30
Eqt X Usd Scsp and Eqt X Eur Scsp, funds managed by EQT Partners Inc., entered into a definitive agreement to acquire BTRS Holdings Inc. (NasdaqGS:BTRS) from Flint A. Lane, Bain Capital Venture Fund 2012, L.P., BCIP VENTURE ASSOCIATES, BCIP VENTURE ASSOCIATES-B and others for $1.6 billion. Eqt X Usd Scsp and Eqt X Eur Scsp, funds managed by EQT Partners Inc., entered into a definitive agreement to acquire BTRS Holdings Inc. (NasdaqGS:BTRS) ("Billtrust") from Flint A. Lane, Bain Capital Venture Fund 2012, L.P., BCIP VENTURE ASSOCIATES, BCIP VENTURE ASSOCIATES-B and others for $1.6 billion on September 28, 2022. Under the terms of the agreement, Billtrust shareholders will receive $9.50 per share in cash upon the closing of the transaction. Sixth Street Partners, LLC, Owl Rock Capital Advisors LLC and Monroe Capital Management Advisors, LLC have agreed to provide debt financing for the transaction. Upon completion of the transaction, Billtrust’s shares will no longer trade on the NASDAQ, and Billtrust will become a private company. In case of termination of the transaction under certain circumstances, Billtrust will pay a termination fee of $50.2 million. EQT required to pay a termination fee of $100.5 million as termination fee in case of termination of the transaction.
The transaction is subject to customary closing conditions, including approval by Billtrust shareholders, receipt of applicable regulatory approval and the expiration or termination of any waiting period applicable to the consummation of the Merger under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The transaction was approved by the Billtrust and EQT Boards of Directors. The transaction is expected to close in the first quarter of 2023. J.P. Morgan Securities LLC is serving as exclusive financial advisor and fairness opinion provider to Billtrust, and Nicole Brookshire and Marc O. Williams of Davis Polk & Wardwell LLP are acting as legal counsel to Billtrust. Evercore is serving as financial advisor to EQT, and Robert A. Rizzo and Raymond O. Gietz of Weil, Gotshal & Manges LLP are acting as legal counsel to EQT. Announcement • Sep 14
Billtrust Appoints Marco Eeman as Managing Director to Lead European Operations Billtrust announced the appointment of Marco Eeman as Managing Director to lead its European operations, focusing on profitable revenue growth and customer satisfaction. Eeman was a principal of Netherlands-based Order2Cash, a leading order-to-cash platform provider, which was acquired by Billtrust in February 2022. Eeman takes responsibility for Billtrust’s European operations at a time when the company is executing on its growth plan of expanding globally with companies that offer complementary expertise and shared values. Currently, Billtrust is serving more than 750 customers via its European operations, and its Business Payments Network offers interoperability capabilities and connections to over 70 B2B and B2G networks, enabling fully compliant and secure e-invoicing across multiple markets. Eeman will oversee a European-based Billtrust team with offices in Ghent, Belgium, Amsterdam and Joure, Netherlands and Krakow, Poland. Reported Earnings • Aug 11
Second quarter 2022 earnings released: US$0.093 loss per share (vs US$0.068 loss in 2Q 2021) Second quarter 2022 results: US$0.093 loss per share (down from US$0.068 loss in 2Q 2021). Revenue: US$40.6m (up 28% from 2Q 2021). Net loss: US$15.2m (loss widened 42% from 2Q 2021). Over the next year, revenue is forecast to grow 29%, compared to a 7.7% growth forecast for the industry in Germany. Announcement • Aug 10
BTRS Holdings Inc. Provides Revenue Guidance for the Full Year 2022 BTRS Holdings Inc. provided revenue guidance for the full year 2022. For the year, the company expects total revenue in a range between $196 million and $207 million (including reimbursable costs revenue of $30 million to $36 million), versus the prior range of $195 million to $207 million. Announcement • Jul 28
Billtrust Reportedly Up for Sale BTRS Holdings Inc. (NasdaqGS:BTRS) the owner of business payments vendor Billtrust, is exploring options that include a potential sale, according to people familiar with the matter. The Lawrenceville, New Jersey-based company is working with an investment bank as it considers its alternatives, the sources said. A sale to a private equity firm is one of the options being examined, the sources added. The sources cautioned that no deal was certain. They spoke on condition of anonymity to discuss confidential information. BTRS declined to comment. Its shares jumped 15% on the news and were trading up 9% at $5.75 in afternoon trading in New York on Wednesday, giving the company a market value of $930 million. Announcement • Jul 13
BTRS Holdings Inc. to Report Q2, 2022 Results on Aug 09, 2022 BTRS Holdings Inc. announced that they will report Q2, 2022 results After-Market on Aug 09, 2022 Recent Insider Transactions • Jun 16
Chief Information Officer recently bought €141k worth of stock On the 10th of June, Joseph Eng bought around 31k shares on-market at roughly €4.61 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.3m more in shares than they have sold in the last 12 months. Board Change • Jun 01
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Director Clare Hart is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • May 19
BTRS Holdings Inc. Announces Executive Changes On May 11, 2022, Charles B. Bernicker notified BTRS Holdings Inc. that he will step down as a member of the board of directors of the Company (the “Board”), the Audit Committee of the Board (the “Audit Committee”), the Compensation Committee of the Board, and the Nominating and Corporate Governance Committee of the Board (the “Nominating and Corporate Governance Committee”), including as Chair of the Nominating and Corporate Governance Committee, effective immediately, in order to pursue other interests. Mr. Bernicker indicated that his decision to resign was not due to any disagreement with the Company. In connection with Mr. Bernicker’s resignation, the Board appointed John W. Murray to serve as Chair of the Nominating and Corporate Governance Committee and to serve as a member of the Audit Committee, effective May 11, 2022. The Board previously determined that Mr. Murray qualifies as independent under the director independence standards set forth in the rules and regulations of the Securities and Exchange Commission (the “SEC”) and the applicable listing standards of The Nasdaq Stock Market (“Nasdaq”), and in connection with Mr. Murray’s appointment to the Audit Committee, the Board further determined that he satisfies the additional requirements of audit committee independence for audit committee service under applicable SEC rules and regulations and Nasdaq listing standards. Announcement • Apr 26
Billtrust Appoints John W. Murray to its Board of Directors Billtrust has announced that John W. Murray has joined its board of directors, effective April 22, 2022. Mr. Murray will serve as a member of the company's Nominating and Corporate Governance and Compensation Committees. John is currently a strategic advisor and consultant for The Riverside Company. John previously served as board chair for CreditIQ. Prior to CreditIQ, John was the Chief Executive Officer of Paypro. On behalf of The Riverside Company, John presently serves on the Board of Directors of Eventsair and has previously served on the Board of Directors of DentalPlans.com and as a member of the Board of Directors and interim executive at Paradigm Tax Services. Announcement • Feb 18
New Billtrust Cash Application 10.0 First to Offer 100% Electronic Remittance Capture Billtrust announced the newest version of its machine learning-driven Cash Application solution. With digital payments, non-standard remittance information and the proliferation of accounts payable (AP) portals challenging today’s accounts receivable (AR) teams, Cash Application 10.0, leveraging Billtrust’s Business Payments Network (BPN), helps suppliers accelerate revenue recognition of digital payments with faster and more accurate reconciliation of non-standard remittance information. Cash Application 10.0 offers a best-in-class integrated payments solution with straight-through processing, leveraging BPN’s proprietary digital lockbox to proactively retrieve and aggregate all electronic payments while standardizing decoupled remittance data from any source for 100% electronic remittance capture. The solution is powered by an unparalleled, custom machine learning model with confidence-based matching for higher levels of accuracy than other solutions, as it learns from a supplier’s unique ERP system, buyer invoice structure and user behavior. Proactively modeling from remittances and data, trends are identified earlier resulting in match rates while allowing users to get through their worklist faster with fewer exceptions, speeding access to cash. Billtrust Cash Application 10.0 now enables accounts receivable teams to: Automate remittance collection through BPN’s connectivity to over 175 accounts payable (AP) portals, reducing manual cash application processing. Deliver 100% electronic remittance extraction no matter how the payment is received – ACH, credit card or wire transfer – for faster and simpler cash application through the proprietary BPN digital lockbox. Maximize straight-through processing with unparalleled machine learning models that automatically improve over time, eliminating the need for custom programming. Recommend best possible matches with an intuitive user interface, enabling teams to process exceptions at twice the rate of other solutions. Onboard quickly with an intuitive user interface allowing for one-day training time. Announcement • Feb 16
BTRS Holdings Inc. (NasdaqGS:BTRS) acquired Order2Cash. BTRS Holdings Inc. (NasdaqGS:BTRS) acquired Order2Cash on February 15, 2022. Frank Hoekstra, Marco Eeman and the Order2Cash team will join Billtrust. The acquisition follows the October 2021 purchase of iController. The Order2Cash team will continue to operate from Netherlands locations in Amsterdam and Joure, as well as offices in Krakow, Poland and New York City, USA.
BTRS Holdings Inc. (NasdaqGS:BTRS) completed the acquisition of Order2Cash on February 15, 2022. Recent Insider Transactions • Dec 10
Founder recently bought €616k worth of stock On the 6th of December, Flint Lane bought around 100k shares on-market at roughly €6.16 per share. In the last 3 months, they made an even bigger purchase worth €857k. Flint has been a buyer over the last 12 months, purchasing a net total of €1.5m worth in shares. Reported Earnings • Nov 11
Third quarter 2021 earnings released: US$0.071 loss per share (vs US$2.10 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: US$41.4m (up 44% from 3Q 2020). Net loss: US$11.2m (loss widened 21% from 3Q 2020). Recent Insider Transactions • Sep 16
Founder recently bought €857k worth of stock On the 14th of September, Flint Lane bought around 100k shares on-market at roughly €8.57 per share. This was the largest purchase by an insider in the last 3 months. This was Flint's only on-market trade for the last 12 months. Recent Insider Transactions • Sep 10
Chief Talent Officer recently sold €136k worth of stock On the 2nd of September, Jeanne O’Connor sold around 14k shares on-market at roughly €9.69 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €35k more than they bought in the last 12 months. Reported Earnings • Aug 12
Second quarter 2021 earnings released: US$0.069 loss per share (vs US$0.67 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: US$40.2m (up 16% from 2Q 2020). Net loss: US$10.7m (loss widened 270% from 2Q 2020). Announcement • Aug 12
BTRS Holdings Inc. Revised Financial Guidance for the Full Year of 2021 BTRS Holdings Inc. revised financial guidance for the full year of 2021. For the year, the company expects, total revenue between $163 million to $167 million, including reimbursable costs revenue of $37 million, up from a previous range of $160 million to $166 million; Net revenue between $126 million to $130 million, which at the midpoint of $128 million would represent annual growth of approximately 18%, up from a previous range of $123 million to $129 million. Recent Insider Transactions • May 22
Independent Director recently bought €105k worth of stock On the 18th of May, Clare Hart bought around 10k shares on-market at roughly €10.51 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €101k more in shares than they have sold in the last 12 months. Announcement • May 19
Billtrust Announces Next Version of Business Payments Network 4.0 Billtrust announced the next major version of its Business Payments Network 4.0 (BPN) during its Billtrust Summit 2021 event. BPN 4.0 now supports the bi-directional exchange of transactional data and documents, enabling invoice presentment to accounts payable portals in addition to its existing payment and remittance acceptance capabilities. BPN, an open network supporting buyers and suppliers allowing both AP and AR platforms to exchange invoices, payments and remittance data, now delivers invoices to over 170 leading accounts payable portals. These new BPN benefits are designed to help suppliers seeking ways to address increasing buyer demand to deliver
invoices through AP and procure-to-pay platforms. BPN's new invoice delivery capabilities arrive at a time when BPN is experiencing substantial growth in both transaction volume and overall participation. First quarter 2021 card volume was up 117% year-over-year and total payment volume up 146% year-over-year when including ACH and wire payments, new payment modalities added in August 2020. The network has also seen a strong increase in unique bank and fintech payables platforms directing payments to suppliers through BPN, growing from 34 in 2019 to 58 in 2020, indicative of the continued expansion of participants in the payables automation space, as well as BPN's relevance to AP platforms looking to increase electronic spend with suppliers. Reported Earnings • May 14
First quarter 2021 earnings released: US$5.06 loss per share (vs US$1.15 loss in 1Q 2020) The company reported a mediocre first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: US$41.9m (up 67% from 1Q 2020). Net loss: US$22.8m (loss widened 356% from 1Q 2020). Announcement • May 13
BTRS Holdings Inc. Provides Earnings Guidance for the Full Year of 2021 BTRS Holdings Inc. provided earnings guidance for the full year of 2021. For the year, the company expected Total revenue between $160 million to $166 million and Net revenue between $123 million to $129 million. Reported Earnings • Mar 27
Full year 2020 earnings released: US$3.88 loss per share (vs US$5.28 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$108.6m (up 13% from FY 2019). Net loss: US$17.0m (loss narrowed 25% from FY 2019). Announcement • Mar 25
BTRS Holdings Inc. Provides Earnings Unaudited Guidance for the Full Year 2021 BTRS Holdings Inc. provided unaudited earnings guidance for the full year 2021. For the year, the company expects Total revenue between $159 million to $165 million, including reimbursable costs revenue of $37 million and the mid point is $162 million. 
