Bottomline Technologies acquires TreasuryXpress
Bottomline, a US-based publicly listed payments company, has acquired treasury management software provider, TreasuryXpress.
Bottomline announced the deal alongside news of its new payments and cash lifecycle platform. It says the new system is capable of “seamless management of a corporate’s banking, payments and cash management activities”.
“Businesses need simpler and more integrated solutions that offer better control and management of cash,” says Rob Eberle, CEO of Bottomline.
“Our combination with TreasuryXpress enables us to extend from our leading business payments capabilities.”
US-based Bottomline Technologies has a market capitalisation of around $2.2 billion. It has not disclosed the finances of its acquisition.
TreasuryXpress CEO, Anis Rahal, says the firm is “extremely proud and excited” to join Bottomline.
“Our founding vision was to serve the market with open and powerful treasury solutions that reduce complexity and add strategic value to financial teams everywhere.
“Combining with Bottomline’s sophisticated bank connectivity engine and expertise in payments completes this vision and opens the door for unparalleled innovation.”
Rahal’s firm has offices in both Paris and Beirut. Prior to its acquisition it had raised a total of $6.4 million in funding, across three rounds.
Investors include Azure Capital Partners, iSME, The Luxury Fund, and Middle East Venture Partners.