March 3rd, Bottomline Tech. (www.bottomline.com), a collaborative payment, invoice and document automation solutions provider to corporations, financial institutions and banks around the world, announced it has agreed to acquire Optio Software, headquartered in Alpharetta, GA. The Company is a provider of technology solutions that improve the efficiency of document-intensive processes.
Bottonline’s possession of Optio is expected to stretch out Bottomline’s leadership position. The suggested transaction, that has been granted approval by the Board of Directors of both companies, is conditional upon Optio Software shareholder approval and other closing conditions. Looking forward, the agreement is expected to close during Bottomline’s fiscal fourth quarter and be accretive to 2009 fiscal earnings.
Rob Eberle, President and CEO of Bottomline Technologies stated, “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. 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.”
CFO of Bottomline Technologies, Kevin Donovan added, “In addition to the strategic benefits, we expect the acquisition will have a meaningful impact on our future financial results. 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.”
Optio Software provides its services to a global customer base. The Company’s products melds with industry leading ERP systems and hospital information systems to automate and increase speed in the creations, storage, distribution and exchange of transactional business documents and health records. Some of Optio Software clients are: Herbalife, Liz Claiborne, Sony, Motorola, Mercy Health Center, Home Depot, Midwest Health Systems, and Pendragon PLC.
Wayne Cape, President and CEO of Optio Software said, “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. 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.”
Bottomline Tech. will host a call, Monday, March 3rd at 8:30 a.m. EST to talk about the acquisition. A digital replay of the conference call will be open from 8:00 a.m. on March 4th through Midnight EDT on March 11th. Interested parties can access the digital reply by dialing U.S. 800-475-6701 and internationally 320-365-3844, Access Code #914106. Botomline’s website will also offer the conference call at www.bottomline.com and will make the recorded conference call accessible for a period of three months.
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