Private equity firm Thoma Bravo has entered a deal to acquire business payments company Bottomline Technologies in an all-cash transaction worth $2.6bn.
Founded in 1989, Bottomline allows its users to streamline payment processes across their global business for efficiency, security and visibility. Users can also benefit from user monitoring and behavioral analysis combine to detect fraud and reduce risk.
Under the terms of the agreement, shareholders of Bottomline will receive $57 per share in cash. Once the transaction is completed, Bottomline will become a privately held business.
Bottomline CEO Rob Eberle said, “This transaction is an exciting next chapter for our company, our customers and our employees, and is a testament to the hard work and dedication of the entire Bottomline team. We have been executing against our strategy of establishing competitive advantage with a product set designed to transform business payments for companies and financial institutions around the world.
“Our partnership with Thoma Bravo will provide additional resources and greater flexibility to build on our leadership position, invest in continued innovation and accelerate go-to-market efforts to deliver increased value to customers. Additionally, the transaction will allow Bottomline to benefit from the operating capabilities, capital resources and sector expertise of one of the most experienced and successful software and financial technology investors.”
Thoma Bravo managing partner Holden Spaht added, “As the digital transformation of business accelerates, we see tremendous opportunity for Bottomline to continue capitalizing on its unique position, particularly in the large and growing B2B payments market, and successfully delivering its diverse portfolio of products that intelligently digitize the way businesses pay and get paid. Bottomline is well positioned in exciting and dynamic markets and we look forward to applying our operational and investment expertise in software and financial technology to support Bottomline in its next phase of growth.”
The transaction is expected to close in the second quarter of 2022 subject to customary closing conditions.
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