The sale generated more than an 10x return for Edison, the first institutional investor in the company. Chris Sugden, Managing Partner of Edison Partners, led the investment.
The additional financial terms of the sale were not disclosed.
Founded in 2001 by CEO Flint Lane, Billtrust allows companies to automate and accelerate their accounts receivable (AR) processes to increase cash flow, improve operational efficiency and drive customer satisfaction. Since the investment, the company has grown revenue 30x, built its workforce to more than 500 employees and acquired seven companies, including its most recent acquisition of Credit2B.
Robert Farrell, CEO of GlobalTranz and a member of the Edison Director Network, and Kelly Ford, Partner at Edison Partners, will both remain on the company’s board of directors.