Accounts receivable automation firm Billtrust made its first acquisition since going public via a SPAC merger a year ago. The New Jersey-based company purchased collections management company iController for $58 million.
Belgium-based iController was founded in 2017 and offers a SaaS product that provides credit and collections professionals visibility into cash flow management. Billtrust will acquire the iController team, along with the company’s 566 Europe-based clients. iController employees will continue working in the company’s offices in Belgium The Netherlands.
“Acquiring a great company like iController is consistent with our growth plan of strategic global expansion in targeted ways to broaden our customer footprint and provide extended value to our current customers,” added Billtrust Founder and CEO Flint Lane.
Billtrust was founded in 2001 and today’s deal marks the company’s eighth acquisition.
Billtrust offers a wide variety of products, including credit, ecommerce, invoicing, payments, managed services, training, and more. The company also offers a collections tool, which will be enhanced with iController’s collections product. Billtrust President Steve Pinado described iController as “a strong strategic fit,” saying that the company will help Billtrust not only expand its physical presence in the European market but also enhance its collections capabilities.
In 2013, Billtrust launched its Business Payments Network, a service that connects suppliers to accounts payable automation platforms buyers are using to pay, as well as to a network of third-party banks and ERPs. Earlier this year, the company updated the platform to now support bi-directional exchange of transactional data and documents. The new release now enables invoice presentment to accounts payable portals.