Bottomline Strengthens Financial Messaging Presence in Europe With Acquisition of Sterci

by Mercator Advisory Group 0

Portsmouth, N.H.-based Bottomline Technologies today announced it has completed the acquisition of privately-held, Geneva-based Sterci, S.A. Also pending is the acquisition of the outstanding shares of the British company Simplex GTP, which is not owned by Sterci.

All three companies share a commitment to global financial messaging, and the acquisitions represent a significant expansion of services outside the United States by Bottomline. As outlined by Bottomline CEO Rob Eberle:

“Bringing together these three businesses creates a truly global financial messaging business with the expertise, resources and scale to help customers around the world optimize their financial transactions. These acquisitions extend our presence in Europe and further build on our core expertise in banking, payments and financial transactions, enabling us to offer our clients a broader suite of solutions to improve their operating efficiency and optimize their financial transactions.”

CEOs of the two acquired companies echoed Eberle’s view, confirming that the combination of resources and expertise contribute to a much stronger competitive position for all of them. According to Bottomline:

The newly combined business will become a market-leader in financial messaging serving over 530 banks, financial institutions and corporations across 20 different countries with locations in key financial hubs including Geneva, Frankfurt, Paris, London, New York, Toronto and Singapore.

The original press release did not include the terms of sale. However, Bottomline has now filed an 8-K which reports that the acquisition of Sterci was agreed for a payment of approximately US$ $120.2 million, before adjustment for approximately US$16.6 million in cash in Sterci’s assets. The outstanding shares of Simplex are expected to be acquired for approximately US$5.4 million in cash in September.

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