Bottomline sold to Thoma bravo for $2.6 billion

Private equity firm Thoma Bravo is to buy business payments technology house Bottomline for $2.6 billion in cash.

Under the terms of the agreement, Bottomline shareholders will receive $57.00 per share in cash, which represents a premium of approximately 42% to its closing stock price on October 19, 2021, when Bottomline’s directors decided to put the firm in the shop window.

In its first quarter results in November, Bottomline posted $123.6 million in revenue, ten percent up on the previous year, as the B2B payments market continued to thrive. Subscription revenue was $103.5 million for the first quarter, an increase of 15% as compared to last year’s Q1.

Joe Mullen, chairman of the Bottomline board, says: “The Bottomline Board of Directors regularly evaluates opportunities to enhance shareholder value. Following a thorough process to review strategic alternatives, 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.”