SPAC South Mountain Merger to combine with Billtrust in deal with $1.3 billion enterprise value

Corp. SMMC, +15.55%, a special purpose acquisition corporation, or SPAC, said Monday it has reached a deal to merge with , a cloud-based payment processing software company, in a deal with an enterprise value of about $1.3 billion. Upon closing, the company will change its name to BTRS Holdings Inc. and will trade on under a new ticker. The deal is expected to close in early 2021. Billtrust’s management team will continue to lead the company, led by Founder and Chief Executive . “Customers use Billtrust’s platform to transition from expensive paper invoicing and check acceptance to efficient electronic billing and payments, which accelerates revenue capture, generates cost savings, and provides a better user experience,” the companies said in a joint statement. The new entity will be debt free and have $200 million in cash. , or blank-check companies, go public without having a business and then acquire one of more. The vehicle has become a popular route to public markets during the pandemic, raising record proceeds in the third quarter of $28 billion in 75 deals, a record that was more than triple the previous record quarter.

Source: SPAC South Mountain Merger to combine with Billtrust in deal with .3 billion enterprise value