Billtrust (NASDAQ:BTRS), which combined with South Mountain in January 2021, announced this morning that it has agreed to be acquired by private equity fund EQT in an all-cash deal for $9.50 per share.
This is a 76% premium over the stock’s 90-day VWAP and a 64% premium over its last close at $5.77. Although this comes in -5% below South Mountain’s $10 IPO price, it nonetheless represents a major victory in the current market, with its host exchange down -29.7% on the year.
Other de-SPAC acquisitions this year have not been so generous. 2020 de-SPAC SOC Telemed announced in February it would be acquired for $3 per share, while Romeo Power (NYSE:RMO) agreed to be acquired by fellow de-SPAC Nikola (NASDAQ:NKLA) in August, exchanging each Romeo share for 0.1186 Nikola shares. That rate equated to roughly $0.81 per share in value on the day it was announced, or $0.46 per share as of market open today.
Lawrenceville, New Jersey-based Billtrust provides accounts receivable (AR) and accounts payable (AP) software with order-to-cash credit solutions to improve cashflow and eliminate paper invoicing.
It reported $40.2 million in net revenue in the second quarter of 2022 with -$4.2 million EBITDA, while bumping up its full year guidance slightly to $197 million to $207 million in net revenue with -$14 million to -$16 million in EBITDA losses.
Copley Acquisition Corp. (NYSE:COPL.U) announced the pricing of its $150 million IPO and its units are expected to begin trading on the NYSE under the symbol “COPL.U”, Thursday, May 1, 2025. The new SPAC aims to combine with a company in the technology or lifestyle sectors that have the ability to scale and enhance growth....
Wintergreen Acquisition Corp. (NASDAQ:WTGU) has filed for a $50 million SPAC with a focus on technology and media firms in Asia and China specifically at a particularly interesting time. The new SPAC acknowledges in the second paragraph of its S-1 that this focus “may subject us to significantly elevated regulatory, liquidity, and enforcement risk”, which...
May is to extend a theme for the spring of 2025 with very few de-SPACs and sponsors coming free of their lock-up agreements. This is due in some cases to stellar performance but more broadly due to the slowdown in deal closings about 12 and six months ago. One way or the other, four sponsors...
At the SPAC of Dawn Now that earnings season is in full swing, more de-SPACs are set to provide updates on how both trade and market volatility are impacting their margins. On the positive side, USA Rare Earth (NASDAQ:USAR) has continued to reap the benefits from its position as one of few US-based producers of...
This week, we sit down with Rick Hendrix and Adam Fishman from the Live Oak SPAC team. Rick Hendrix is the Founder of Live Oak Merchant Partners, and Chairman and CEO of Live Oak Acquisition Corp. V (NASDAQ:LOKV). In addition, he is an operating executive at Crestview Partners, a New York-based middle market focused private equity firm....