Billtrust Plans To Go Public At A $1.3 Billion Valuation
In a deal that values the company at $1.3 billion (cash balance of $200 million), payments services provider Billtrust said it will merge with blank-check firm South Mountain Merger Corp SMMC.O. The combined firm will list on the Nasdaq Stock Market.
Citigroup Inc is advising South Mountain on the deal, while JP Morgan is advising Billtrust.
Earlier this year, home-selling platform Opendoor Labs agreed to go public through a SPAC merger, while U.S. insurance startup Clover Health had inked a $3.7 billion deal to list through a merger with Social Capital Hedosophia IPOC_u.N.