Bottomline to be acquired by Thoma Bravo for $2.6bn

21 Dec 2021

Bottomline Technologies, a leading provider of financial technology that makes complex business payments simple, smart and secure, has announced that it has entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm.

The all-cash transaction, which was unanimously approved by Bottomline’s board of directors, is expected to close in the second quarter of 2022, subject to the necessary regulatory approvals. The deal values Bottomline at approximately $2.6 billion.

“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,” said Rob Eberle, CEO of Bottomline. “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.”

Eberle said the new partnership with Thoma Bravo will provide additional resources and greater flexibility to enable Bottomline to further build its leadership position, invest in innovation and deliver increased value to customers. The transaction will allow Bottomline to benefit from the operating capabilities, capital resources and expertise of Thoma Bravo, one of the most experienced and successful software and financial technology investors, said the Bottomline CEO.

“We are confident that Thoma Bravo is the ideal partner for Bottomline given its strong track record of investment in the technology industry and its deep appreciation for Bottomline’s people, products and future growth opportunities,” said Joe Mullen, Chairman of the Bottomline Board. “We are confident that this transaction with Thoma Bravo provides a compelling opportunity to deliver immediate and certain cash value at a meaningful premium to Bottomline shareholders, as well as significant long-term benefits for customers, channel partners and employees.”

Bottomline shareholders will receive $57.00 per share in cash, which represents a premium of approximately 42% to Bottomline’s closing stock price on October 19, 2021.

Holden Spaht, a managing partner at Thoma Bravo said that Bottomline is set to benefit from the large and growing B2B payments market and to deliver a diverse range of products that can intelligently digitise 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,” said Spaht.

Deutsche Bank Securities Inc. is serving as exclusive financial advisor to Bottomline and BofA Securities, Inc. is serving as exclusive financial advisor to Thoma Bravo.