Thoma Bravo Completes Acquisition of Bottomline

PORTSMOUTH, NH and SAN FRANCISCO, May 13, 2022 (GLOBE NEWSWIRE) – Bottomline Technologies (“Bottomline” or the “Company”), a leading provider of financial technology that makes business payments simple, smart and secure, today announced Completion of its acquisition by Thoma Bravo, a leading software investment firm, in an all-cash transaction valued at approximately $ 2.6 billion. The transaction was previously announced on December 17, 2021 and approved by Bottomline stockholders at the Special Meeting of Stockholders held on March 8, 2022.

With the completion of the transaction, Bottomline is now positioned to capitalize on the many benefits this partnership is expected to bring to the Company and its stakeholders. The Bottomline team looks forward to leveraging Thoma Bravo’s operating capabilities, capital resources and technology industry expertise to further expand the reach and value proposition. The Company’s commitment to serving its customers remains unchanged, and it expects that with Thoma Bravo, it will have the enhanced flexibility and expertise to focus on what matters most – advancing the business, investing in continuous innovation and developing new capabilities to deliver increased value for customers and growth for Bottomline.

Bottomline also announced today the appointment of Craig Saks, an experienced, growth-oriented financial technology and payments industry executive, as Chief Executive Officer, effective immediately. Saks, formerly named President, Bottomline, succeeds Rob Eberle, who is stepping down from his role as Chief Executive Officer. The Company’s current fiscal year to ensure a smooth transition.

“As a fintech and payments industry executive for the past 20 years, I have long admired Bottomline’s success and its ability to innovate ahead of the evolving B2B payments market,” said Saks. “The future for Bottomline is bright, and I am honored to have the opportunity to lead the company into the industry leader. I look forward to working with Thoma Bravo on the Bottom Line’s commitment to removing complexity from business payments

“The completion of this transaction marks the beginning of an exciting new chapter for Bottomline,” said Eberle. “I am proud of the leadership position and product set we have developed over the last several years to transform business payments for companies and financial institutions globally. Our success is a testament to the Bottomline team, whose hard work and dedication have made our achievements possible. There are significant opportunities ahead for Bottomline in this dynamic and growing market, and I look forward to watching the Company’s success for years to come. ”

“Under Rob’s leadership, Bottom Line has delivered a consistent record of innovation and growth and has risen to the forefront of the B2B payments market.” the Bottomline Board.

“We’ve tracked Bottomline’s growth and success for over a decade and are excited to partner with Craig and the talented management team at the bottom line Spaht, and Managing Partner at Thoma Bravo. “We would also like to thank Rob for his many years of leadership in helping to build a very high quality and durable company with a strong culture that is better positioned for this next chapter of exciting growth.”

Brian Jaffee, and Partner at Thoma Bravo added, “Bottom line has been ahead of the digital transformation happening in B2B payments and we are excited about working with the Company to leverage our deep fintech and operational expertise to continue scaling the business as we invest behind this significant global trend. ”

Under the terms of the merger agreement, Bottomline shareholders will receive $ 57.00 per share in cash, which represents a premium of about 42% of the Bottomline Board of Directors’ Strategy Committee, with a premium of about 41% to Bottomline’s 30-day volume weighted average price as of October 19, 2021. With the completion of the acquisition, 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. Kirkland & Ellis LLP served as legal advisor and BofA Securities, Inc. served as exclusive financial advisor to Thoma Bravo.

About Craig Saks

Craig Saks has over 20 years of leadership experience leading enterprises, mission critical software and processing businesses across the fintech and payment industries. Saks currently serves as a Board Member of NMI, a global payment enablement platform, processing more than $ 180 billion in payments annually for over 3,200 partners and over 260,000 merchants around the world. Saks is also a member of the Bain Advisory Network, where he serves as the external advisor and consultations in the technology and payments sectors.

From 2012 to 2020, SaI served in increasing responsibility at ACI Worldwide, a global payments software company. Most recently served as Chief Strategy and Transformation Officer, leading the development of strategies, partnerships and business models to accelerate the growth of ACI business globally. Prior to that, he served as Interim President and Chief Executive Officer, and before that, he served as Chief Operating Officer, where he had a team of 3,500 people across more than 50 worldwide offices.

About Bottomline Technologies

Bottomline Technologies makes complex payments business simple, smart, and secure. Corporations and banks rely on Bottom Line for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the US, Europe, and Asia-Pacific. For more information visit www.bottomline.com.

About Thoma Bravo

Thoma Bravo is one of the largest private equity firms in the world, with more than $ 103 billion in assets under management as of December 31, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm’s deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio of companies to implement best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired or invested in more than 375 companies representing over $ 190 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco. For more information, visit www.thomabravo.com.

Forward-Looking Statements

This communication contains forward-looking statements that include risks and uncertainties, including Thomson Bravo. If any of these risks are incorrect, then the Bottom line’s current plans and operations due to the acquisition, including through the loss of customers and employees. Additional factors that could cause the results to be found in Bottom Line’s filings with the Securities and Exchange Commission, including its most recent filings on Forms 10-K and 10-Q. Bottom line does not assume any obligation to update the forward-looking statements provided on which they were made, except as required by law.

Contacts

For Bottomline:

Christine Nurnberger
Chief Marketing Officer
603-812-3742
[email protected]

For Thoma Bravo:

Megan Frank
212-731-4778
[email protected]

Finsbury Glover Hering
Abigail Farr
646-957-2067
[email protected]

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