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December 20, 2021

Thoma Bravo spends $2.6bn to take over Bottomline

By Shalini mani

Private equity firm Thoma Bravo has agreed to buy US-based fintech Bottomline in an all-cash deal worth around $2.6bn.

The deal values each Bottomline share at $57, marking a 41% premium to its “30-day volume weighted average price” on 19 October 2021.

Expected to complete in the second quarter of 2022, the transaction will take Bottomline private.

The acquisition has already secured the green light from the Bottomline board. It currently awaits the clearance of regulators and shareholders.

New Hampshire-based Bottomline provides solutions for payments and cash managements, fraud and financial crime management, securities management and financial documentation automation to financial institutions globally.

Its customers include UK digital bank Starling, Revolut, Hargenant Group and TD Bank, among others.

In November this year, the firm closed its purchase of Bora Payments Systems, adding new bank channel relationships to its Paymode-X electronic payment network.

Commenting on the deal, Bottomline 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.”

Thoma Bravo principal Brian Jaffee 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.”

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