Private equity firm Thoma Bravo plans to acquire Bottomline Technologies in an all-cash deal worth around $2.8 billion, according to a press release by Bottomline on Friday.
Under the terms of the deal, Bottomline shareholders will get $57.00 per share in cash, representing a premium of nearly 42% to Bottomline’s closing stock price on October 19, 2021.
Rob Eberle, CEO of Bottomline, stated that the transaction is an exciting chapter for the company, customers, and employees and signals the dedication of the entire Bottomline team.
Eberle further stated that the company was executing against their strategy to establish a competitive advantage with a product designed to transform business payments for companies and financial institutions globally.
Joe Mullen, Chairman of the Bottomline Board, stated that Thoma Bravo was the ideal partner for the company due to its strong track record of investing in the technology industry.
The deal is expected to be finalized in the second quarter of 2022 after customary shareholders’ approval and regulatory nod.