BTRS Holdings Inc.

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Ademi LLP is investigating Billtrust (NASDAQ: BTRS) for possible breaches of fiduciary duty and other violations of law in its transaction with EQT.

Ademi LLP alleges Billtrust’s financial outlook and prospects are excellent and yet Billtrust holders will receive only $9.50 per share in cash upon the closing of the transaction. The transaction agreement unreasonably limits competing bids for Billtrust by imposing a significant penalty if Billtrust accepts a superior bid. Billtrust insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Billtrust’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Billtrust.