---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-22-021095"
form_type: "8-K"
ticker: null
cik: "0001774155"
company_name: "BTRS Holdings Inc."
filed_at: "2022-12-16T23:59:59+00:00"
generated_at: "2026-06-21T03:28:40.404270+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# BTRS Holdings (Billtrust) acquired by EQT Private Equity for $9.50/share

## Summary
- Acquisition completed Dec 16, 2022; shareholders receive $9.50 per share in cash, stock delisted from Nasdaq.
- Flint A. Lane (4.6M shares), FL GRATs (1.96M), and Bain affiliates (6.6M) rolled shares for equity interests.
- Board resigned; Sunil Rajasekar appointed sole director; Steven Pinado named Secretary; all prior officers resigned.
- Financing from EQT equity and debt commitments from Sixth Street, Owl Rock, and Monroe Capital.
- J.P. Morgan advised Billtrust; Evercore advised EQT; Davis Polk and Weil Gotshal legal counsel.

## SEC filing metadata
- accession: 0000950103-22-021095
- form_type: 8-K
- cik: 0001774155
- company_name: BTRS Holdings Inc.
- filed_at: 2022-12-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.01, 3.01, 3.03, 5.01, 5.02, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1774155/000095010322021095/0000950103-22-021095-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1774155/000095010322021095/dp185721_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-22-021095
- JSON: https://secwatch.observer/filing/0000950103-22-021095.json
- Plain text: https://secwatch.observer/filing/0000950103-22-021095.txt

## Key facts
- Executive change
  Steven Pinado was appointed as Secretary at BTRS Holdings Inc..
  - Action: appointed
  - Role: Secretary
  source text: Steven Pinado was appointed Secretary of Billtrust.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774155/000095010322021095/0000950103-22-021095-index.htm
- Executive change
  Sunil Rajasekar was appointed as sole director at BTRS Holdings Inc..
  - Action: appointed
  - Role: sole director
  source text: Sunil Rajasekar was appointed the sole director of Billtrust.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774155/000095010322021095/0000950103-22-021095-index.htm
- Governance Changes
  BTRS Holdings Inc.: the bylaws of Merger Sub in effect at the Effective Time shall be the bylaws of the Company.
  - Change: bylaw amendment
  source text: In addition, the bylaws of Merger Sub in effect at the Effective Time shall be the bylaws of the Company (except that references to the name of Merger Sub shall be replaced by reference to the name of the Company) until thereafter amended.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774155/000095010322021095/0000950103-22-021095-index.htm
- Governance Changes
  BTRS Holdings Inc.: the certificate of incorporation of the Company was amended and restated.
  - Change: charter amendment
  source text: Pursuant to the Merger Agreement, at the Effective Time, the certificate of incorporation of the Company was amended and restated and, as so amended and restated, shall be the certificate of incorporation of the Company until further amended.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774155/000095010322021095/0000950103-22-021095-index.htm
- M&A Transactions
  BTRS Holdings Inc. underwent a change of control involving EQT X Fund for $9.50 per share in cash (closed 2022-12-16).
  - Action: change of control
  - Counterparty: EQT X Fund
  - Consideration: $9.50 per share in cash
  - Closing: 2022-12-16
  source text: held by the Company as treasury stock), issued and outstanding immediately prior to the Effective Time (other than dissenting shares) were converted into the right to receive $9.50 in cash, without interest (the “Merger Consideration”). At the Effective Time: • Each stock option to purchase Company Common Stock (whether or not vested) pursuant to a Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1774155/000095010322021095/0000950103-22-021095-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.