Software investment firm Thoma Bravo has inked a deal to acquire payment and invoice management platform Bottomline Technologies in an all-cash transaction for approximately US$2.6 billion.
Under the terms of the agreement, Bottomline shareholders will receive $57.00 per share in cash, which represents a premium of approximately 42% to the company’s unaffected closing stock price on 19 October 2021.
Bottomline will no longer be listed on any public market and become a privately held company upon completion of the transaction.
News of the deal had caused Bottomline’s shares to rise by 15% to US$ 56.13.
Rob Eberle, CEO of Bottomline 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.”
Brian Jaffee, a principal at Thoma Bravo added,
“We’ve been tracking Bottomline as part of our broader financial technology effort for many years and are excited to work closely with the company to continue building on its strong track record of consistent innovation and growth.
We look forward to partnering with Bottomline’s highly-experienced management team to support their vision for continued growth and unwavering focus on delighting customers.”