Press Release October 19, 2020

Billtrust To Become Publicly Traded Company Through $1.5 Billion Business Combination With South Mountain Merger Corporation

The Technology, Fintech, and Special Purpose Acquisition Companies (SPACs) teams advised existing investors in Billtrust on the company’s definitive business combination agreement with South Mountain Merger Corp. (Nasdaq: SMMC), a special purpose acquisition company, in a deal valued at approximately $1.5 billion.
 
Billtrust is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce.
 
The combined company will continue as a publicly listed entity and have an implied estimated enterprise value of approximately $1.3 billion at closing, based on current assumptions. The transaction includes a $200 million fully committed PIPE at $10 per share from additional investors.
 
The Goodwin team was led by David Van Horne, Michael Patrone, James Xu, Simone Greenspan, and John Mei, with invaluable guidance from Jocelyn Arel.
 
For more details, read the press release and articles in Reuters and MarketWatch.