India, Oct. 19 -- Shares of South Mountain Merger Corp. (SMMC) are gaining over 10% on Monday morning after the special purpose acquisition corporation agreed to merge with Billtrust, a cloud-based payment processing software company, in a deal with an enterprise value of about $1.3 billion.
SMMC is currently trading at $11.40, up $1.05 or 10.14%, on the Nasdaq.
The company intends to change its name to BTRS Holdings Inc. and is expected to trade on Nasdaq under a new ticker symbol. The deal is expected to close in early 2021. The company is expected to be debt-free with around $200 million in cash.
Billtrust's management team led by CEO and Founder Flint Lane, President Steve Pinado and Chief Financial Officer Mark Shifke will continue ...