Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today announced it has entered into an agreement to acquire Optio Software (OTCBB:OPTO.OB), a provider of technology solutions for improving the efficiency of document-intensive processes.
The acquisition is expected to extend Bottomline’s leadership position as a provider of advanced capabilities for transactional document automation. The proposed transaction, which has been approved by the Board of Directors of both companies, is subject to Optio Software shareholder approval and other standard closing conditions. The agreement, valued at $44.9 million, is expected to close during Bottomline’s fiscal fourth quarter and be accretive to fiscal 2009 earnings.
“We look forward to welcoming Optio’s customers, business partners and employees to Bottomline. We believe the combination of Optio’s technology and solutions with Bottomline’s existing capabilities will allow us to deliver greater value to customers in the future,” said Rob Eberle, President and CEO of Bottomline Technologies. “Optio will bring a significant customer and maintenance base, and strong vertical presence and domain expertise in healthcare, including more than 700 hospitals and healthcare organizations.”
“In addition to the strategic benefits, we expect the acquisition will have a meaningful impact on our future financial results,” said Kevin Donovan, CFO of Bottomline Technologies. “With significant recurring revenues of approximately 60% and a plan to fully integrate the company, we expect the transaction will produce positive, long-term results for our customers and stockholders alike.”
Headquartered in Alpharetta, GA, Optio Software serves a global customer base with offices in the United Kingdom, France, the Netherlands and Germany. The company’s products integrate with industry-leading ERP systems and hospital information systems (HIS) to automate and accelerate the creation, distribution, storage and exchange of transactional business documents and health records. More than 5,500 customers around the globe leverage Optio’s products. Customers include Motorola, Home Depot, Sony, Liz Claiborne, Mercy Health Center, Herbalife International, Midwest Health Systems and Pendragon PLC.
“Bottomline and Optio Software share a common vision for how organizations can improve the performance of critical business functions by accelerating the transition from paper- to electronic-based processes,” 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 maximize the strategic value associated with the automation and improvement of document-intensive business processes.”
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