Bottomline to Acquire Albany Software
Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and banking solutions, today announced that it has gained regulatory clearance to acquire Albany Software Ltd. Formed in 1989, Albany is one of the UK's leading BACS solution providers. Albany's solutions are used by more than 5,000 businesses to streamline, automate and manage processes involving the collection of direct debits and electronic payments.
“We are delighted that we have been cleared to proceed with this acquisition,” commented Nigel Savory, Managing Director of Bottomline. “The combination of our businesses represents an opportunity to realise operating synergies and accelerate our cloud innovations for businesses of all sizes. We are excited to welcome Albany clients to Bottomline and are fully committed to their success.”
The previously announced transaction is expected to be accretive within the first year. The projected financial impact of the acquisition was included in Bottomline's recently issued fiscal 2013 guidance.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) provides cloud-based payment, invoice and banking solutions to corporations, financial institutions and banks around the world. The company's solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust Bottomline to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit www.bottomline.com.
Bottomline Technologies and the BT logo are trademarks of Bottomline Technologies (de), Inc. which may be registered in certain jurisdictions. All other brand/product names are trademarks of their respective holders.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements about the expected financial impact of the transaction on Bottomline and the ability of Bottomline to realize operating synergies and accelerate innovations. Any statements that are not statements of historical fact (including but not limited to statements containing the words “will”, “believes,” “plans,” “anticipates,” “expects,” “look forward”, “estimates” and similar expressions) should be considered to be forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including but not limited to Bottomline's ability to successfully integrate this or other acquisitions, competition, market demand, technological change, strategic relationships, international operations and general economic conditions. For additional discussion of these and other factors that could impact Bottomline Technologies' financial results, refer to the company's Form 10-K for the fiscal year ended June 30, 2012 and any subsequently filed Form 10-Q's and Form 8-K's or amendments thereto. Any forward-looking statements represent Bottomline's views only as of today and should not be relied upon as representing its views as of any subsequent date. Bottomline does not assume any obligation to update any forward-looking statements.
Lara Mataac, 603-501-6371