Bottomline to Acquire Intuit Financial Services Commercial Banking Business
Intuit Inc. (Nasdaq: INTU) and Bottomline Technologies (Nasdaq: EPAY) announced a strategic partnership in which they will use their core expertise and combined market strength to deliver innovative products and services for businesses to the banking and financial services industry.
The two companies plan to bring more innovative business banking offerings to more financial institutions faster using Bottomline's services-oriented architecture and Intuit's open platform architecture. As part of the partnership, Bottomline will acquire the commercial banking business from Intuit's financial services segment when the transaction closes. Terms of the deal, which is expected to close within the next few weeks, were not announced. The companies will then work together through cross promotions, referrals and joint sales efforts to deliver innovative solutions for financial institutions of all sizes.
"Improving the solutions and services small businesses and consumers receive from their financial institutions is more than an Intuit strength, it's in our DNA," said CeCe Morken, senior vice president and general manager of Intuit financial services. "This relationship enables us to further concentrate on helping financial institutions better engage these important customer segments and grow. At the same time, our commercial banking customers will benefit from Bottomline's focus and expertise in cash management."
Today, 15 of the top 25 global banks use Bottomline's transaction banking solutions to serve their small business through large corporate customers. Bottomline executives expect the partnership to help expand its reach to a much broader set of financial institutions.
"This partnership with Intuit represents an opportunity to align with a truly innovative and leading organization," said Rob Eberle, president and CEO of Bottomline. "We will accelerate the transition of our commercial banking solution set to the Cloud. This will allow us to better serve not only the large banks we currently focus on, but also to offer an extremely attractive proposition for the many medium sized and smaller financial institutions which make up the majority of the banking market today. It is an extremely attractive investment opportunity and milestone event for Bottomline."