Payment technology firm Bottomline is set to be acquired for around $2.6 billion by private equity firm Thoma Bravo.

The US-based company provides domestic and international payments, cash management, automated workflows for payment processing and bill review, fraud detection, behavioural analytics, and regulatory compliance products to businesses.

Bottomline has a UK headquarters in Theale, Berkshire near Reading.

Bottomline’s shareholders will receive $57.00 per share in cash, which represents a premium of approximately 42 per cent to Bottomline’s unaffected closing stock price on October 19, 2021.

In April, Thoma Bravo, which specialises in software investment, agreed to buy cybersecurity firm Proofpoint in an all-cash deal that valued the company at around $12.3 billion.

The deal was at the time the largest private equity takeover of a software company.

“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, chief executive of Bottomline. “We have been executing against our strategy of establishing competitive advantage with a product set designed to transform business payments for companies and financial institutions around the world.

“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.”

He added: “Additionally, the transaction will allow Bottomline to benefit from the operating capabilities, capital resources, and sector expertise of one of the most experienced and successful software and financial technology investors.”

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