Business News
Bottomline Technologies to Acquire Optio Software
Tuesday 04. March 2008 - Optio Software (OTCBB:OPTO), a leading provider of technology solutions dedicated to helping customers automate, manage and improve the complete lifecycle of document-intensive processes announced today that it has entered into a definitive agreement to be acquired by Bottomline Technologies, a leading provider of collaborative payment, invoice and document automation solutions for $1.85 per share.
The acquisition is expected to extend Bottomline’s leadership position as a provider of advanced capabilities for transactional document automation, while expanding the company’s solution set with Optio’s innovative technology. The proposed transaction, which has been approved by the Board of Directors of both companies and is expected to close in Bottomline’s fourth fiscal quarter, is subject to Optio Software shareholder approval and other standard closing conditions.
‘We look forward to welcoming Optio’s customers, business partners and employees to Bottomline. We believe the combination of Optio’s solutions and technology with Bottomline’s existing capabilities will enable us to deliver greater value to customers in the future,’ said Rob Eberle, President and CEO of Bottomline Technologies.
‘Bottomline and Optio Software share a common vision for how organizations can improve the performance of critical business functions by replacing manual, paper-based processes with automation, while improving accuracy every step of the way,’ said Wayne Cape, President and CEO of Optio Software. ‘We believe that the combination of the two organizations, with their complementary solutions, extensive domain expertise and broad customer bases, will create exciting new opportunities for customers seeking to optimize their document-intensive processes.’
‘Our channel partners will also benefit from the expanded resources made available through the combination of the two organizations,’ said Cape. ‘The channel is critical to our go-to-market strategy and we remain committed to our partners’ future success.’
Headquartered in Portsmouth, New Hampshire, Bottomline supports more than 9,000 customers, including 3,000 that access the company’s payment and invoice automation capabilities through convenient subscription-based services.
Serving industries such as financial services, insurance, health care, technology, communications, education, media, manufacturing and government, Bottomline provides products and services to approximately 65 of the Fortune 100 companies and 80 of the FTSE (Financial Times) 100 companies.