Thomo Bravo snaps up Bottomline Technologies in $2.6bn deal

Bottomline Technologies will be acquired in an all-cash deal, with $57 per share going to shareholders

Stock photo of two unidentified men in a board room signing a document                                 
Bottomline’s share price is up around 42% since its closing price on 19 October – Photo: Shutterstock
                                

Global software investment firm Thomo Bravo, one of the largest private equity firms which currently holds more than $9bn in assets under management, has agreed to take payments firm Bottomline Technologies private in an all-cash deal worth $2.6bn.

Under the acquisition, which is set to be finalised in the second quarter of 2022, Bottomline shareholders will receive $57 per share. 

When public goes private

Bottomline’s share price is up around 42% since its closing price on 19 October, when Bottomline said it had formed a strategy committee, according to a company press release.

“This transaction is an exciting next chapter for our company, our customers and our employees, and is a testament to the hard work and dedication of the entire Bottomline team,” said Rob Eberle, CEO of Bottomline.

“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.”

Holden Spaht, Thoma Bravo managing partner,  added: “As the digital transformation of business accelerates, we see tremendous opportunity for Bottomline to continue capitalising on its unique position, particularly in the large and growing B2B payments market, and successfully deliver its diverse portfolio of products that intelligently digitise the way businesses pay and get paid.

“Bottomline is well positioned in exciting and dynamic markets and we look forward to applying our operational and investment expertise in software and financial technology to support Bottomline in its next phase of growth.”

The M&A market has witnessed supersized exits in 2021. Despite the bleak backdrop of a global pandemic, startups and organisations have continued to rally towards what is set to become one of the biggest year in global investments and acquisitions. By the end of 2021, global deals and transactions could easily top $5trn, according to Bloomberg

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