Billtrust, a B2B accounts receivable (AR) automation and integrated payments specialist, has acquired iController, a leading B2B provider of intelligent solutions for credit and collections management, for $59 million, financed in cash. The transaction marks the US-payment firm's first acquisition in Europe and expands Billtrust's European presence while enhancing their global collections capabilities.
Fieldfisher Brussels was instructed to complete a comprehensive legal due diligence exercise for Billtrust that included support from colleagues in corporate, financial regulatory, employment, IP, IT, commercial and contracts, disputes and tax and to assist completion of the transaction.
The Fieldfisher team was led by Brussels based Partner, and head of the Belgium corporate department, Louis-Francois du Castillon. Louis-Francois was supported by a multi-jurisdictional team including, in Belgium, Stéphanie Desmet (Corporate) and Adrien Faelli, Jean-François Germain, Isabelle Moens de Hase and Laureline Vangulick (Commercial Contracts), Geoffroy Galea (Tax), Tim Van Canneyt and Louis Vanderdonckt (Technology, Outsourcing and Privacy), Tim Perdieus (Pensions and Employment), Dorothée Vanderhofstadt (Financial Regulation), Louis Bouchez (Corporate) and in the Netherlands, Luuk Jordens (Corporate).
In the UK, the team was supported by Tim Bird (Corporate), David Carmichael and Katie Whelan (Pensions), and in Germany by Florian Streiber and Ulf Marhenke (Corporate). The Billtrust relationship is managed by the firm's Silicon Valley office with US Managing Partner, Mark Webber.
Louis-Francois du Castillon said, "We are delighted to have been able to support Billtrust on its first European acquisition. Congratulations to the whole Billtrust and iController teams.
"This acquisition is a fantastic example of our expertise in advising innovative US-based businesses on their European acquisitions and how our European corporate team work seamlessly across borders with support from our Silicon Valley office.
"I am particularly proud of how we completed the transaction against the backdrop of a tight timeframe and the Covid-19 restrictions. I am delighted with the result. All of us at Fieldfisher look forward to supporting Billtrust on further opportunities across Europe."
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