Billback about to change hands – again?
Readers (OK, some readers) will recall that Billback – one of the newer and more successful entrants on the cost recovery systems front – were acquired by the Australian-based business services group Espreon back in 2005. Now Espreon is itself the subject of a two-way deal involving an A$87 million takeover bid by the US V-C group Vectis, who will in turn sell the corporate services and cost recovery side of Espreon (which includes Billback) to the Oz stock market-listed Australian software developer Reckon for A$26 million.
We've been following this story for several weeks now and the latest reports from Australia suggest the deal is still going ahead. As far as we can see this is 'business as usual' for Billback and all that is happening is yet another of those background funny-money go-rounds much beloved of the venture capitalist community.