As per the terms of the transaction, shareholders of the publicly-listed Bottomline Technologies will be offered $57 per share
Thoma Bravo to acquire payment technology firm Bottomline Technologies. (Credit: StockSnap from Pixabay)
US fintech company Bottomline Technologies has agreed to be acquired by software investment firm Thoma Bravo in an all-cash deal worth around $2.6bn.
As per the terms of the deal, shareholders of the publicly-listed Bottomline Technologies will be offered $57 per share. The deal will enable the financial technology provider to become a privately held company.
Bottomline Technologies CEO Rob Eberle said: “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.”
Based in Portsmouth, New Hampshire, Bottomline Technologies is engaged in business payments transformation.
The company serves banks and corporations for their domestic and international payments by providing automated workflows for payment processing and bill review, cash management, fraud detection, behavioural analytics, and regulatory compliance solutions.
Thoma Bravo managing partner Holden Spaht said: “As the digital transformation of business accelerates, we see tremendous opportunity for Bottomline to continue capitalising on its unique position, particularly in the large and growing B2B payments market, and successfully deliver 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 deal with Thoma Bravo is being backed by Bottomline Technologies’ directors and Clearfield Capital Management, who have a combined stake of around 4% in the fintech company.
The transaction, which is expected to close in Q2 2022, is subject to approval from Bottomline Technologies’ shareholders, approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and approval from the UK Financial Conduct Authority.