Software investment firm Thoma Bravo has concluded the all-cash deal worth around $2.6bn to buy payments technology company Bottomline Technologies.

As per the terms of the merger deal, Bottomline shareholders are entitled to get $57.00 apiece for a share, a premium of around 42% to the company’s closing stock price on 19 October last year.

The deal to take over Bottomline, which offers domestic and international payments services for corporations and banks, was announced last year in December.

Bottomline helps its clients manage cash, as well as delivers automated workflows for payment processing and bill review. It also facilitates fraud detection, while offering tools for behavioral analytics and regulatory compliance.

The company plans to utilise Thoma Bravo’s technology industry know-how, operating capabilities, and capital resources to strengthen its reach and value proposition of its product portfolio.

Craig Saks will serve as CEO of Bottomline, with immediate effect, replacing Rob Eberle. Earlier, Saks served as the president of Bottomline.

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In a statement, Saks said: “The future for Bottomline is bright, and I am honoured to have the opportunity to lead the talented team that has built the Company into an industry leader.

“I look forward to working together with Thoma Bravo as we deliver on Bottomline’s commitment to remove complexity from business payments and processes for existing and future customers and channel partners around the world.”

Deutsche Bank Securities was the exclusive financial adviser to Bottomline and Skadden, Arps, Slate, Meagher & Flom and Wilmer Cutler Pickering Hale and Dorr were legal advisers to Bottomline.

BofA Securities was the exclusive financial adviser while Kirkland & Ellis acted as the legal adviser to Thoma Bravo.