NEW YORK, NY, PHILADELPHIA, PA and LAWRENCEVILLE, NJ – January 12, 2021 – BTRS Holdings Inc. (“Billtrust”), a B2B accounts receivable automation and integrated B2B payments leader, and South Mountain Merger Corp. (“South Mountain”), a special purpose acquisition company, announced today the completion of their previously announced business combination. The business combination was approved by South Mountain’s stockholders on January 12, 2021.
Upon completion of the business combination, South Mountain changed its name to “BTRS Holdings Inc.,” and its Class 1 common stock and warrants are expected to begin trading on the Nasdaq Global Select Market and the Nasdaq Capital Market under the symbols “BTRS” and “BTRSW,” respectively, commencing January 13, 2021.
Flint Lane, Founder and CEO of Billtrust, commented, “We are incredibly excited to partner with our new board of directors and investors as we continue to lead the drive towards digitized, integrated B2B payments. The accounts receivable industry is ripe for innovation, and we believe being a public company better positions us to serve our customers while offering significant capital flexibility for continued growth, both organic and inorganic."
Chuck Bernicker, CEO of South Mountain, said, “We are pleased to complete the combination and look forward to partnering with Flint and the Billtrust team as they seek to transform B2B commerce. Our team believes that management has built an extraordinary business and we’re excited to support them along their public market journey."
About Billtrust
Billtrust is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.
About South Mountain Merger Corp.
South Mountain Merger Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses.
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