Private equity firm Thoma Bravo announced that it plans to acquire financial management and automation firm Bottomline Technologies, taking the firm private for approximately $2.6 billion
Thoma Bravo shareholders will receive $57 per share as part of the deal, which the Bottomline Board of Directors has agreed to unanimously.
Bottomline has over 10,000 corporate customers and operates in 92 countries. The company’s offerings include payments management, AP automation, treasury management, bank connectivity, and other financial management offerings.
The company has transitioned the majority of its business to SaaS revenue in recent years. In the most recent quarter, they reported subscription revenue was $103.5 million, up 15% year over year, out of total revenues for the quarter $123.6 million.
Thoma Bravo has over $91 billion in assets and has acquired or invested in other firms involved in the Microsoft channel including Nintex, parts of Lexmark, and Apptus. They have acquired more than 325 companies in total.