New Hampshire-based payments technology firm, Bottomline Technologies has been acquired by a software investment firm, Thoma Bravo. The deal was originally proposed in December 2021 and the stockholder of Bottomline Technologies approved it in March 2022. 

The price of acquisition has been set at $2.6 billion in a cash transaction. The company expected to leverage ‘Thoma Bravo’s operating capabilities, capital resources, and technology industry expertise’, which would be used to value its diverse products that digitize the way businesses pay and get paid. 

With this, the company has announced the appointment of Craig Saks as the Chief Executive Officer. 

In related news, Brex makes further inroads in the commercial payments space by new acquisition and Bancard acquires PayTrace. 

Under the terms of the agreement, Bottomline shareholders will receive $57.00 per share in cash and with the compilation of the acquisition, Bottomline common stock has ceased trading and will no longer be listed on the Nasdaq stock market.

Deutsche Bank Securities Inc. served as exclusive financial advisor to Bottomline and Skadden, Arps, Slate, Meagher & Flom LLP and Wilmer Cutler Pickering Hale and Dorr LLP served as legal advisors to Bottomline.

As noted, Thoma Bravo is a private equity firm with more than $103 billion in assets under management as of 31 December 2021.