HAMILTON, N.J., Nov. 14, 2012 /PRNewswire/ --
Billtrust, the premier provider of outsourced billing
services, today announced it has closed a $25 million funding round from Bain Capital
Ventures, one of the nation's leading private equity firms.
Building on a record of growth that has made it the recognized
innovator in both electronic and paper-based billing solutions,
Billtrust will use the capital to identify and acquire companies
that will further strengthen its position atop the burgeoning
billing and payments industry.
Billtrust's choice of Bain Capital Ventures followed a lengthy
review process. As part of the new relationship, Matt Harris, managing partner of Bain Capital
Ventures, New York, will join
Billtrust's board of directors.
"Most private equity firms are interested in making financial
investments. Bain Capital Ventures is different," said Flint Lane,
President and CEO of Billtrust. "In addition to its funding,
Bain brings a wealth of expertise in corporate acquisitions that
will be of immense value as we evaluate opportunities. In addition,
Matt Harris' deep understanding of
the payments industry will expedite our new working relationship
and allow us to execute our plans quickly."
Since its founding 11 years ago, Billtrust has been at the
forefront of driving electronic billing and payment for consumer
and business billing across North
America. Billtrust pioneered online bill presentment and
payment through its Invoice Gateway™ service and gave clients an
easy way to review all their billing activity through its
CustomerCare online portal. In 2012 Billtrust introduced Invoice
Central™, the first business billing destination site for vendors
and small businesses.
"As the world quickly moves from paper to electronic billing,
there is incredible opportunity for an enterprise-focused service
provider with the right balance of technology and customer-facing
methodology to be a leader in this space," said Matt Harris. "There are currently many
payments players in the consumer space, but Billtrust is the first
company we have seen that is so well positioned to dominate the
enterprise market. Additionally, we have been consistently
impressed with the vision and experience of Flint and his executive
team. This is a team with the values and characteristics necessary
for success."
Billtrust has been named Growth Company of The Year by the New
Jersey Technology Council and one of New
Jersey's 50 Fastest Growing Companies by NJBIZ. It also was
listed as 199th fastest growing company in America in
Deloitte's 2011 Technology Fast 500 Rankings. Its CEO, Flint Lane,
was named as one of the 25 Most Influential Financial Operations
Professionals by the Institute of Financial Operations (IFO) and
was recognized in 2011 as an Ernst & Young Entrepreneur Of The
Year®.
Bain Capital Ventures' investment in Billtrust is the second
outside investment in Billtrust's history, bringing the total
funding raised to $30 million. An
earlier funding round, led by Edison Ventures, provided Billtrust
the capital to grow revenues tenfold over a five-year period.
Billtrust was advised in its latest investment round by Raymond
James & Associates (NYSE: RJF).
About Billtrust
Headquartered in Hamilton NJ,
Billtrust is a premier provider of outsourced, customer-centric
billing solutions. The company's flagship product and service
suite, called CompleteBilling, consists of paper, fax, e-mail and
online billing (EBPP, EIPP). In addition, the company provides
expert bill design, in-bill marketing services, and CustomerCare,
an integrated online customer service tool. These comprehensive
tools automate the billing process in ways that match customer
preferences, enabling businesses to save money, increase
productivity, improve cash flow, and seamlessly migrate to
electronic delivery. For more information, visit Billtrust online
at www.billtrust.com.
Twitter: https://twitter.com/_Billtrust
LinkedIn Company Page: http://www.linkedin.com/company/99112
Billtrust Blog: http://blog.billtrust.com
SOURCE Billtrust