Bottomline Technologies shares up 15% on Friday: what happened?

Shares of Bottomline Technologies Inc (NASDAQ: EPAY) are up roughly 15% on Friday after Thoma Bravo said it will buy the payments company for $2.6 billion.

The all-cash deal to close in Q2 of 2022

The private equity firm will pay $57 per share to Bottomline stockholders that represents a nearly 20% premium on the price at which EPAY closed on Thursday. The all-cash deal is expected to close next year in the second quarter, subject to customary closing conditions.

According to CEO Rob Eberle, the acquisition will help Bottomline expand its footprint in the fintech space via continued investments in innovation. He added:

Bottomline has picked Deutsche Bank Securities as its exclusive financial advisor for the deal.

The agreement was unanimously approved

Headquartered in New Hampshire and listed on the Nasdaq Stock Exchange, Bottomline helps businesses with accounts-payable automation, digital banking technology, and other services. Thoma Bravo plans on taking it private once the transaction is complete.

The agreement was unanimously approved by the fintech company’s Board of Directors. In the press release, Bottomline’s chairman Joe Mullen said:

Thoma Bravo has picked BofA Securities as its exclusive financial advisor for the deal.