Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

Note 17 - Related Party Transactions

A member of the Company's Board of Directors is also an executive at a company (the "Related Party Customer") that purchases certain of Billtrust's services under an ongoing commercial relationship. During the years ended December 31, 2021, 2020, and 2019, revenue generated from the Related Party Customer was not material. At both December 31, 2021 and 2020, open receivable balances from the Related Party Customer were not material.

The Company also has ongoing commercial agreements with several of Bain Capital Ventures, LLC's ("Bain") portfolio companies ("Portfolio Companies"). Bain is a greater than 5% shareholder of the Company's outstanding Common Stock at December 31, 2021, and one of the members of the Company's Board of Directors is also an executive at Bain. During the years ended December 31, 2021, 2020, and 2019, revenues generated from the Portfolio Companies was $0.5 million, $0.4 million, and $0.3 million, respectively. The Company did not incur material expenses to the Portfolio Companies during the years ended December 31, 2021, 2020, and 2019. At December 31, 2021 and 2020 open payables to and open receivables balances from the Portfolio Companies were not material.

Secondary Offering

On July 6, 2021, the Company completed an underwritten secondary offering (the "Offering") of 10,350,000 shares of the Company's Common Stock at a public offering price of $12.25 per share. All of the common stock was offered by existing shareholders. No new shares were issued and Billtrust did not receive any proceeds from the Offering. The gross proceeds from the Offering, before deducting underwriting discounts and commissions, was $126.8 million.

The Company incurred $0.5 million of costs directly related to the Offering, consisting principally of professional, printing, filing, regulatory, and other costs, all of which was paid for on behalf of the selling security-holders. These costs were recorded in general and administrative expenses on the Consolidated

Statements of Operations as the transaction did not generate any proceeds to the Company and therefore the costs did not qualify to be deferred or charged to additional paid-in- capital under ASC 340-10-S99-1.