South Mountain SPAC Combines with Billtrust to Create $1.3 Billion Publicly Traded Company

Paul, Weiss advised South Mountain Merger Corporation, a publicly traded special purpose acquisition company (SPAC), in its combination with Billtrust, a leading provider of accounts receivable solutions that simplify and automate B2B commerce. Upon closing, the combined company will be a publicly listed entity, renamed BTRS Holdings Inc., and have an estimated enterprise value of approximately $1.3 billion. The transaction is expected to close in early 2021, subject to regulatory approvals and customary closing conditions, including a minimum cash condition of $225 million, of which $200 million has been committed via a PIPE (private investment in public equity) and an incremental $22 million in the form of a non-redemption commitment from an institutional shareholder.

The Paul, Weiss team included corporate partners Jeffrey Marell, Raphael Russo and Michael Vogel; intellectual property partner Charles Googe; and employee benefits counsel Lisa Krausz Eisenberg.