Acquisitions Create New Global Center of Excellence in Financial Messaging
Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and banking solutions, today announced the acquisition of Swiss-based Sterci SA and the signing of an agreement to purchase London-based Simplex GTP Ltd. These leading providers of financial messaging solutions utilize the SWIFT global messaging network on behalf of more than 350 customers across 20 different countries. When the acquisitions are completed, the two companies, combined with Bottomline’s existing SWIFT Access Service financial messaging business, will create a new global center of excellence in financial messaging, providing solutions for banks, financial institutions and corporations around the world.
“We are delighted to welcome the customers and employees of Sterci and Simplex to Bottomline. 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” said Rob Eberle, President and CEO of Bottomline Technologies. “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.”
“Becoming part of Bottomline is a natural next step for Sterci, helping us to continue to expand the financial messaging business globally.” Simon Kalfon, CEO of Sterci commented. “The organizations are a strong fit as our cultures are very similar with both organizations having a commitment to outstanding customer service and a strong focus on cloud-based product innovation. We also cover complementary geographies and provide a broad range of financial messaging, reconciliation and market data integration solutions.”
Philip Walsh, CEO of Simplex said “Joining Bottomline once the acquisition is completed will be a great move for Simplex. Gaining access to Bottomline’s resources and expertise in banking, payments and financial transactions will enable us to further support and grow our client base.”
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 acquisitions build Bottomline’s share of the expanding financial messaging marketplace as organizations seek to improve the effectiveness of their financial operations by utilizing the SWIFT global network. Over 10,200 organizations are members of SWIFT with more than 400 new organizations joining each year, including an increasing percentage of corporations.
The Sterci acquisition has closed. The acquisition of Simplex is subject to certain shareholder approvals and other customary closing conditions and is expected to close in the next month. Financial terms of the two transactions will be provided on Bottomline’s fourth quarter earnings call later today. A Current Report on Form 8-K containing the relevant financial information will be filed with the Securities and Exchange Commission prior to the call.