Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 19 - Subsequent Events

On February 14, 2022, Billtrust acquired 100% of the outstanding shares of Anachron Beheer BV and subsidiaries, d/b/a Order2Cash ("Order2Cash"), a privately-held company headquartered in Amsterdam, the Netherlands. Order2Cash is a European B2B order-to-cash platform provider. Their enterprise customer base, global interoperability capabilities and established connections to over 70 B2B and business-to-government (“B2G”) e-invoicing networks broaden BPN’s reach to deliver fully compliant and secure e-invoicing across multiple markets. The acquisition is part of Billtrust's strategic plan to continue expanding its physical presence in the European market while also enhancing its global invoicing and payments capabilities.

Pursuant to the terms of the purchase agreement, the Company paid an initial amount of $58.2 million in cash at closing and an additional $0.9 million subsequent to closing, which is subject to certain indemnity provisions from the seller. An additional $0.7 million payable within four years of the closing date upon achievement of certain conditions. Additional amounts may be earned by the sellers during periods following the closing date based on the financial performance of the acquired company during calendar year 2022, and each of the twelve month periods ending June 30, 2023 and June 30, 2024.

The initial accounting for the acquisition was not complete at the time the financial statements were issued due to the timing of the acquisition and the filing of this Annual Report on Form 10-K. As a result, complete disclosures required under ASC 805, Business Combinations cannot be made at this time.