Dive Brief:
- Billtrust, a payments processing software company for business-to-business (B2B) commerce, has named Sunil Rajasekar as its new CEO, according to a Monday press release. He will replace Flint Lane, the company’s founder, who will remain on the board of directors.
- Prior to joining Billtrust, Rajasekar was president of Mindbody, a fitness and wellness B2B marketplace company through September, according to his LinkedIn profile. Before that, from late 2016 to late 2018, he was a general manager at e-commerce behemoth eBay. He also brings experience from a former role as chief technology officer at customer engagement company Lithium Technologies.
- In a statement, Lane said that Rajasekar will deploy his tech expertise to shepherd the company “through its next stage of growth and maturation.”
Dive Insight:
Rajasekar is stepping into the new role at a pivotal point for Billtrust, which was acquired by the private equity firm EQT in September. EQT bought Billtrust in an all-cash deal that valued the company at about $1.7 billion.
Lawrenceville, New Jersey-based Billtrust, which was founded in 2001, automates B2B commerce by providing cloud-based digital payments, credit monitoring, online ordering, invoicing, remittance and collections services, among others.
Billtrust “solves a real business need for customers by removing the challenges around their order-to-cash processes,” Rajasekar said in a statement. “This has always been a very important business function but even more so in today’s macro environment where managing a company’s cash flow and customer satisfaction is critical.”
Before Billtrust’s new owner arrived, it was on an acquisition streak. In October 2021, it purchased iController, a Belgian collections management company, for $58 million. Continuing its European expansion in February of this year, Billtrust bought the Amsterdam-based business-to-business company, Order2Cash, for an undisclosed sum.
David Koning, a Baird Equity Research analyst, told Payments Dive in October that he foresees more mergers and acquisition activity now that company valuations have declined. Other notable deals done in the industry this year include the Madison Dearborn Partners acquisition of MoneyGram International and Global Payments’s $4 billion purchase of payments acceptance services company Evo Payments.
