Bottomline, a payments technology company, has purchased accounts payable (AP) and payments automation software provider Nexus Systems for an undisclosed sum.
Nexus Systems primarily serves the real estate and property management markets.
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Its procure-to-pay (P2P) solution is designed to cater to the requirements of both customers and suppliers. The solution aims to remove bottlenecks in the accounts payable process that are typically found in real estate and property management sectors.
Prior to the latest deal, Mainsail Partners was the lone private equity investor in Nexus Systems.
As part of the acquisition, Nexus’ offerings, customers and suppliers will be added to Bottomline’s Paymode-X B2B payments network.
This network processes more than $300bn in payments per year for over 500,000 businesses.
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By GlobalDataBottomline general manager of Paymode-X Tom Dolan said: “The Nexus combination deepens what we can deliver to customers across real estate and property management, bringing to Paymode-X vertical depth and expertise through an incredibly talented team that has developed rich feature-functionality.
“Capabilities including procurement, purchase order approval, invoice automation and job costing are some of the core features we will use to deliver customer delight across the industry. Nexus also adds thousands of suppliers to the Paymode-X network who are ready to be paid digitally.
“We welcome Nexus customers to Paymode-X where they can benefit from layers of security which help us operate our payments network fraud-free on the industry’s largest Premium ACH network.”
Currently, Bottomline is said to offer its payments solutions to over 10,000 corporate clients, 1,400 commercial and business banks, among others.
In May this year, software investment firm Thoma Bravo closed the $2.6bn deal to acquire Bottomline. The deal was announced in December last year.
