Bottomline Technologies Gets Clearance to Acquire Albany Software
Cloud-based payment, invoice and banking software group Bottomline Technologies has announced that it has gained regulatory clearance to acquire Albany Software, one of the UK’s main Bankers’ Automated Clearing Services (BACS) solution providers
Formed in 1989, Albany’s solutions are used by more than 5,000 businesses to streamline, automate and manage processes involving the collection of direct debits and electronic payments (e-payments).
“We are delighted that we have been cleared to proceed with this acquisition,” said Nigel Savory, managing director of Bottomline. “The combination of our businesses represents an opportunity to realise operating synergies and accelerate our cloud innovations for businesses of all sizes. We are excited to welcome Albany clients to Bottomline and are fully committed to their success.”
Bottomline expects the previously announced transaction is to be accretive within the first year and the projected financial impact of the acquisition was included in its recently issued fiscal 2013 guidance.