January 23, 2013
Billtrust Announces
Merger With Best Practice Systems
Hamilton-based
Billtrust, the leader in outsourced
billing services in North America,
announces a strategic merger with
Englewood, Colorado-based Best
Practice Systems, a provider of
end-to-end billing solutions.
Together, the two companies offer a
comprehensive mix of billing
services that span over two dozen
industries across North America.
“Billtrust and Best Practice Systems
are a great fit,” noted Flint Lane,
Billtrust CEO and President. “Our
customer bases are diverse, spanning
different market segments and
billing needs. Our joint electronic
offerings will place us in a
commanding position within the
industry. Most of all, Best Practice
Systems shares our unwavering
commitment to customer service.
Together, we expect to provide even
greater level of service to our
current and prospective customers.”
Billtrust, founded in 2001, is
widely considered one of the premier
providers of outsourced billing
solutions in the U.S., with a strong
presence in the business-to-business
(B2B), business-to-consumer (B2C),
municipality and utility markets.
The company is known for superior
customer service and a customer
retention rate of more than 99
percent. Best Practice Systems,
founded in the same year, has forged
a position atop the B2C realm,
particularly in the insurance and
healthcare industries. Its strengths
include complementary billing
solutions involving payments over
mobile devices and IVR (Interactive
Voice Response).
“The combination of Best Practice
Systems and Billtrust will clearly
result in increased service
offerings,” noted Clint Waite, CEO
of Best Practice Systems. “Our two
companies share the same values and
are committed to driving electronic
billing and payment within our
customer base. Moreover, we are two
of only a handful of providers that
deliver the complete value
proposition including print and
electronic billing.”
“Service providers that offer
technology to meet the diverse needs
of both B2C and B2B markets will be
well positioned for future growth,”
says Nancy Atkinson, Senior Analyst,
Aite Group. "The most effective
providers will be those offering
advanced capabilities such as
receivables processing across all
channels as well as automated
interfaces for users and integrated,
channel-agnostic information
reporting."
Best Practice Systems’ merger with
Billtrust is the first strategic
move following a capital investment
in Billtrust by Bain Capital
Ventures, one of the nation’s
leading private equity firms. That
funding, announced in November, is
helping Billtrust identify and
acquire companies that will further
strengthen its position atop the
billing and payments industry.
.
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