EQT Private Equity, a global investment organization, has acquired BTRS Holdings Inc. (Billtrust), with its EQT X fund. The company was acquired in an all-cash transaction valuing $1.7 billion.

Billtrust is a provider of cloud-based software and payment processing services aiming to simplify and automate B2B commerce. The company automates complex and traditionally manual processes around credit decisioning and monitoring, online ordering, invoicing, payments and remittance capture, cash application and collections.

“We look forward to partnering with Billtrust in its journey to help customers digitize and streamline their finance operations,” says Arvindh Kumar, partner and co-head of EQT’s global technology sector team. “The Billtrust platform features modern solutions, a compelling value proposition, and, like EQT, a commitment to innovation and transformation in the digital era. Additionally, the Company operates at the intersection of software, fintech, and payments—sectors in which EQT has deep familiarity and a track record of success. With proprietary end-to-end solutions that generate value for all stakeholders and across economic cycles, Billtrust is poised to advance its leading offering in the underpenetrated accounts receivable automation space.”

J.P. Morgan Securities LLC served as financial advisor to Billtrust, and Davis Polk & Wardwell LLP is acting as legal counsel to Billtrust. Evercore is serving as financial advisor to EQT, and Weil, Gotshal & Manges LLP is acting as legal counsel to EQT.