Press Release - 26th October 2010
Bottomline Technologies Acquires SMA Financial
Acquisition Expands Bottomline's Strategic SWIFT Relationship and SaaS Portfolio
PORTSMOUTH, N.H. – October 26, 2010 – Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today announced the acquisition of SMA Financial, a London-based provider of Software as a Service (SaaS) connectivity to SWIFT for the automation of payments and financial messaging.
This acquisition combines a well-known SWIFT Regional Partner (the UK, Ireland and the Channel Islands) with Bottomline’s expertise in treasury and cash management technology. The combined offering will focus on providing SaaS-based SWIFT connectivity, to be called SWIFT Access Service, and next-generation treasury and cash management solutions to a range of bank and corporate customers.
“We are very excited to welcome SMA clients to Bottomline and are fully committed to their continued success,” said Bottomline president and CEO Rob Eberle. “SWIFT Access Service is a natural extension of our suite of cloud-based offerings designed to assist corporations and financial institutions to streamline their payments processes and realize the associated cost-savings and efficiency benefits.”
“We are delighted to see SMA joining forces with Bottomline,” said Simon Murby, managing director at SMA Financial. “We are confident Bottomline will offer our customers and partners great value by extending their powerful range of complementary products in payments and invoicing, as well as a strong focus on their success.”
SMA currently provides SWIFT connectivity to a wide range of corporate and financial industry customers, including National Grid, Vodafone and Standard Life. With a SaaS solution, customers are not required to host software, develop costly internal infrastructure or hire internal SWIFT experts. This solution, SWIFT Access Service, makes it easier to connect to the SWIFT Network to exchange financial information including payment instructions, cash reporting and other messages related to financial transactions with their banks and counterparties around the world. Additionally, SaaS connectivity to SWIFT allows banks and corporations to achieve lower costs, rapid implementation and return on investment, greater security and improved operational risk management in their cash management strategy.
Bottomline expects the acquisition to contribute less than $1 million of revenue per quarter in fiscal 2011 and be dilutive by approximately 4¢, 3¢ and 2¢ in the second, third and fourth quarters respectively, solely due to the impact of the accounting treatment of acquired deferred revenue. The transaction is projected to be accretive to core net income in fiscal 2012 and beyond.
Media Contacts:
US: Alana Burns
603-501-6601
aburns@bottomline.com
UK: Nadine Ter Meulen
0118-982-2342
ntermeulen@bottomline.com
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