Software investment firm Thoma Bravo on Friday (May 13) announced the finalization of its acquisition of FinTech Bottomline Technologies for $2.6 billion in cash, almost five months after the companies agreed to the deal on Dec. 17 and more than two months after Bottomline stockholders approved it on March 8.
Bottomline will lean on Thoma Bravo to expand its reach for its suite of products that help businesses digitize how they pay and get paid, according to the company announcement. As part of the deal, Bottomline president Craig Saks will replace outgoing CEO Rob Eberle in that position. Eberle will serve as a strategic adviser to Bottomline through the end of its fiscal year.
Bottomline shareholders will receive $57 per share in cash, which represents a premium of approximately 42% to Bottomline’s unaffected closing stock price on Oct. 19, the last full trading day before the announcement of the formation of the Bottomline Board of Directors’ Strategy Committee.
In April, Thoma Bravo acquired cybersecurity firm SailPoint Technologies for $6.9 billion to improve its standing in a growing space that’s attracting increasing attention. Thoma Bravo was the majority stakeholder in SailPoint prior to its initial public offering in 2017, before selling its stake in 2018.
SailPoint specializes in software related to identity and access management that helps businesses get rid of unwanted user access and reduce the risk of the leakage of sensitive data.