Billtrust Announces Merger With Best Practice Systems
Combination of Two eBilling Market Leaders To Shape Future Market Direction
HAMILTON, NJ and ENGLEWOOD, CO – (January 10, 2013) – Billtrust, the leader in outsourced billing services in North America, today announced a strategic merger with Best Practice Systems, a provider of end-to-end billing solutions. Together, the two companies offer a comprehensive mix of billing services that span over two dozen industries across North America.
“Billtrust and Best Practice Systems are a great fit,” noted Flint Lane, Billtrust CEO and President. “Our customer bases are diverse, spanning different market segments and billing needs. Our joint electronic offerings will place us in a commanding position within the industry. Most of all, Best Practice Systems shares our unwavering commitment to customer service. Together we expect to provide even greater level of service to our current and prospective customers.”
Billtrust, founded in 2001, is widely considered one of the premier providers of outsourced billing solutions in the U.S., with a strong presence in the business-to-business (B2B), business-to-consumer (B2C), municipality and utility markets. The company is known for superior customer service and a customer retention rate of more than 99%. Best Practice Systems, founded in the same year, has forged a position atop the B2C realm, particularly in the insurance and healthcare industries. Its strengths include complementary billing solutions involving payments over mobile devices and IVR (Interactive Voice Response).
“The combination of Best Practice Systems and Billtrust will clearly result in increased service offerings,” noted Clint Waite, CEO of Best Practice Systems. “Our two companies share the same values and are committed to driving electronic billing and payment within our customer base. Moreover, we are two of only a handful of providers that deliver the complete value proposition including print and electronic billing.”
“Service providers that offer technology to meet the diverse needs of both B2C and B2B markets will be well positioned for future growth,” says Nancy Atkinson, Senior Analyst, Aite Group. “The most effective providers will be those offering advanced capabilities such as receivables processing across all channels as well as automated interfaces for users and integrated, channel-agnostic information reporting.”
Best Practice Systems’ merger with Billtrust is the first strategic move following a capital investment in Billtrust by Bain Capital Ventures, one of the nation’s leading private equity firms. That funding, announced in November, is helping Billtrust identify and acquire companies that will further strengthen its position atop the billing and payments industry.
Headquartered in Hamilton New Jersey, Billtrust is the premier provider of automated invoice-to-cash solutions. Billtrust integrates three key areas of the invoice-to-cash process: presentment, payment, and cash application, helping its clients connect with their customers and cash while strengthening their revenue and cash flow. Working with more than 1,200 North American businesses across B2B and B2C markets, Billtrust’s comprehensive offerings help its clients solidify customer relationships, increase productivity, improve cash flow, and seamlessly migrate to electronic channels.