Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and banking solutions, recently 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 realize 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 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.
Click here to view the entire Bottomline press release.
Bottomline has been a long time client of PayStream and we are always happy to see our client’s continue to grow. PayStream congratulates Bottomline on their acquisition of Albany Software.