Bottomline Gets Clearance to Acquire Albany Software
Bottomline Technologies (News - Alert), a provider of cloud-based payment, invoice and banking solutions, has gained regulatory clearance to acquire Albany Software Ltd. for approximately $32 million – a purchase for which it applied back in March.
U.K. payments are processed and distributed by a central body called Bacs, a not-for-profit organization owned by 16 leading banks and building societies.
Formed in 1989, Albany Software is a Bacs-Approved software supplier, and has been developing financial solutions for over 20 years. Aimed at streamlining back office processes, the company’s solutions integrate with all accounting and payroll applications.
As a Bacs-Approved software supplier and bureau, Albany Software works closely with relevant industry bodies, partners and resellers to develop high-quality solutions that meet the needs of U.K. businesses.
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,” said Nigel Savory, managing director of Bottomline.
“The combination of our businesses represents an opportunity to realize operating synergies and accelerate our cloud innovations for businesses of all sizes,” Savory added. “We are excited to welcome Albany clients to Bottomline and are fully committed to their success.”
The projected financial impact of the acquisition was included in Bottomline’s recently issued fiscal 2013 guidance.
Headquartered in the U.S., Bottomline Technologies’ 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.
Bottomline Technologies recently announced its partnership deal with Australia and New Zealand Banking Group (ANZ) to launch ANZ Transactive - Mobile, a corporate banking solution that allows ANZ corporate clients of all sizes, in any industry to gain greater visibility and control of their Australian and New Zealand cash management activities on the go.
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Edited by Braden Becker