Billtrust, a payment cycle management software company, has decided to expand its operations and workforce in New Jersey, following approval of Grow New Jersey (Grow NJ) tax credits by the New Jersey Economic Development Authority (EDA) Board at its August meeting. Advanced under the New Jersey Economic Opportunity Act, Grow NJ is the state’s main job creation and retention incentive program.
“The availability of highly educated, skilled technology professionals in New Jersey has been a tremendous asset to our ability to create a corporate culture that fosters creativity and collaboration,” said Billtrust Founder and CEO Flint Lane. “Support from Grow NJ will help us to expand our presence here in New Jersey and further leverage the local talent pool as we grow.”
Founded in 2001, Billtrust provides automated invoice-to-cash solutions for the business-to-business market via a proprietary, end-to-end cloud-based solution. The company has chosen to establish a new 88,759-square-foot headquarters in Lawrenceville over a competing location in Warminster, Pennsylvania. Billtrust, which is consolidating existing operations from two leased facilities, expects to create 200 new jobs in the state and retain 228 employees.
One of the primary legislative objectives of the Grow NJ program is to drive growth in targeted industries. To date, more than 70 percent of approved Grow NJ tax credits have been for projects in targeted industries, including technology, energy, finance, manufacturing and logistics.
“Innovative companies like Billtrust play an important role in our economy through the jobs they create as well as the resources they provide to help other businesses succeed,” said EDA CEO Melissa Orsen. “We are pleased that New Jersey’s robust technology ecosystem, and the Grow NJ program, helped to encourage Billtrust to expand and invest in the state.”
Billtrust currently employs more than 400 employees across the U.S. and Canada. It has been rated among the “Best Places to Work in New Jersey” by Best Companies Group for the fourth consecutive year, and this year moved up to the number 11 spot within the large employer category. Recently, Billtrust earned a spot on the Inc. 5000 list for the 11th consecutive year.