Billtrust, a company that provides a SaaS to manage online billing for companies, is merging with Best Practice Systems, another provider of electronic billing solutions. The financial terms of the agreement were not disclosed.
As we wrote two months ago, BillTrust just raised $25 million from Bain Capital Ventures to acquire new companies in 2011. Billtrust, which was founded eleven years ago, powers electronic billing and payments for consumer and business billing services across North America.
The company, which builds and hosts billing solutions, offers business to business services as well as business to consumer services. For example, a number of newspaper groups use Billtrust to power online billing for subscriptions. BillTrust’s revenues have grown tenfold over a five-year period.
The acquisition by Best Practice Systems is partly to expand BillTrust’s client base, and also to add additional technologies. Best Practice Systems has a foothold in the insurance and healthcare industries as a business to consumer offering for bill payment online. The company also offers mobile billing and payments to clients.