Billtrust and South Mountain Merger Corp. Announce Closing of Business Combination
January 12 2021 - 3:05PM
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conventional processes that are outdated, inefficient, manual and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, 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.
Forward-Looking Statements
This press release includes statements that are not historical
facts but are forward looking statements for purposes of the safe
harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “believe,” “may,” ”could,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “target,” “goal,”
“expect,” “should,” “would,” “plan,” “predict,” “project,”
“forecast,” “potential,” “seem,” “seek,” “future,” “outlook,” and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding the capabilities and benefits to customers of
Billtrust’s technology platform, Billtrust’s ability to scale and
grow its business and Billtrust’s ability to digitally transform
the AR industry. These statements are based on various assumptions
and on the current expectations of South Mountain’s and Billtrust’s
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of South Mountain and Billtrust. These forward
looking statements are subject to a number of risks and
uncertainties, including Billtrust’s ability to attract and retain
customers and expand customers’ use of Billtrust’s products or
services; market, financial, political and legal conditions; the
impact of the COVID-19 pandemic on Billtrust’s business and the
global economy; failure to realize the anticipated benefits of the
proposed business combination; risks related to future market
adoption of Billtrust's offerings; risks related to Billtrust's
market strategy and subscription business model; the effects of
competition on Billtrust’s future business; and those factors
discussed in the definitive proxy statement/consent solicitation
statement/prospectus filed by South Mountain with the U.S.
Securities and Exchange Commission (“SEC”) on December 22, 2020
under the heading “Risk Factors,” and other documents that
Billtrust files with the SEC in the future. If the risks
materialize or assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking
statements. There may be additional risks that South Mountain and
Billtrust presently do not know or that they currently believe are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect South Mountain’s and Billtrust’s
expectations, plans or forecasts of future events and views as of
the date of this press release. South Mountain and Billtrust
anticipate that subsequent events and developments will cause their
assessments to change. However, while South Mountain and Billtrust
may elect to update these forward-looking statements at some point
in the future, South Mountain and Billtrust specifically disclaim
any obligation to do so. These forward-looking statements should
not be relied upon as representing South Mountain’s or Billtrust’s
assessments as of any date subsequent to the date of this press
release. Accordingly, undue reliance should not be placed upon the
forward-looking statements.
Investor Contact:BilltrustIR@icrinc.com
Media Contact:Meredith Simpsonmsimpson@billtrust.com
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