(PR NEWSWIRE) Bottomline Technologies Announces $22.3 Million Equity Financing
Funding From Global Equity Investor, General Atlantic Partners, Strengthens
Balance Sheet and Positions Company for Future Growth and Continued Market
Leadership
PORTSMOUTH, N.H., Jan. 9 /PRNewswire-FirstCall/ --
Bottomline Technologies(R) (Nasdaq: EPAY), a leading global technology
provider of Financial Resource Management (FRM) software, today announced it
has entered into a $22.3 million equity financing transaction from General
Atlantic Partners, a leading global private equity investment firm focused
exclusively on information technology businesses. In connection with the
transaction, Bill Grabe, Partner with General Atlantic Partners, will join the
company's Board of Directors. Of the 2.7 million shares being purchased,
2.1 million are newly issued shares by the Company with the balance as
secondary shares being sold in equal amounts by the Company's founders, Dan
McGurl and Jim Loomis. The cash proceeds will substantially strengthen the
Company's cash balance and facilitate an accelerated growth strategy both
domestically and internationally.
"We are extremely pleased to have General Atlantic as a financial and
strategic partner," said Dan McGurl, Chairman and Chief Executive Officer of
Bottomline. "The capital will help accelerate our growth strategy and enable
us to more aggressively extend our products and services. Even more
importantly, General Atlantic's involvement is an endorsement of our
leadership position in the B2B electronic payment market. We believe their
support and global resources will extend our reach and brand as we combine to
accelerate our growth."
"Bottomline is uniquely positioned to lead the transformation of the B2B
payment infrastructure from paper bills to electronic payments," said Bill
Grabe, with General Atlantic. "The Company's world class technology and
products, deep domain expertise and dominant market share in both payment
automation and electronic invoice presentment, positions it very well for
continued market leadership. We are in the early days of this transformation
and we see tremendous growth opportunities both here and abroad. We are very
excited about Bottomline's prospects and look forward to working with the
company."
Over the last few months, Bottomline has announced a number of significant
new client relationships, including a three year $4.2 million contract with
Lloyds TSB to provide outsourced business check and credit processing services
to the bank's business customers, and a contract with Fidelity Investments to
provide an electronic transaction initiation and reporting platform designed
to manage and control the movement of shareholder funds.
About Bottomline Technologies
Bottomline Technologies(R) (Nasdaq: EPAY) is a leading global technology
provider of Financial Resource Management (FRM) software. Bottomline's
comprehensive Suite of FRM offerings enable businesses and financial
institutions to more effectively manage their critical financial transactions,
cash decisions and trading partner relationships, leveraging the web. FRM
Applications include Electronic Payments and Cash Management, Electronic
Invoice Receipt and Management, Electronic Invoice Presentment and Payment
(EIPP), Electronic Banking and Information Reporting. Founded in 1989,
Bottomline maintains its corporate headquarters in Portsmouth, NH and
international headquarters in Reading, England. For more information, visit
Bottomline on the web at www.bottomline.com, or dial (800) 243-2528 or
(603) 436-0700.
About General Atlantic
General Atlantic Partners, LLC, is the world's leading private equity
investment firm focused exclusively on investing in information technology
businesses globally. The firm was founded in 1980 and has $4 billion in
committed capital. General Atlantic has invested in over 120 companies and has
current holdings in over 60 companies, of which almost one-third are based
outside the United States and which include Critical Path, E*TRADE Group,
Inc., Eclipsys, Exact, EXE Technologies, Exult, Firepond, iFormation Group,
Manugistics, Predictive Systems, ProBusiness, Rebus, Screaming Media, SESA,
Upromise, Xchanging and Zagat. The firm is distinguished within the investment
community by its deep experience and expertise in information technology, its
global perspective and worldwide presence, its long-term approach to
investments, and its commitment to provide sustained strategic assistance for
its portfolio companies. General Atlantic has about 70 professionals among its
130 employees worldwide with offices in Greenwich, New York, Palo Alto,
Reston, London, Dusseldorf, Singapore, Tokyo, Hong Kong, and Sao Paulo. See
www.gapartners.com for additional information.
Contact: Robert Eberle Pat Hedley
EVP, COO & CFO Director Marketing/Communications
Bottomline Technologies General Atlantic Partners
603-501-5291 203-629-8658
reberle@bottomline.com phedley@gapartners.com
MAKE YOUR OPINION COUNT - Click Here
tbutton.prnewswire.com
SOURCE Bottomline Technologies
-0- 01/09/2002
/CONTACT: Robert Eberle, EVP, COO & CFO of Bottomline Technologies,
+1-603-501-5291, or reberle@bottomline.com; or Pat Hedley, Director
Marketing-Communications of General Atlantic Partners, +1-203-629-8658, or
phedley@gapartners.com/
(EPAY)
/Web site: bottomline.com
gapartners.com /
CO: Bottomline Technologies; General Atlantic Partners
ST: New Hampshire
IN: CPR STW FIN
SU: FNC
*** end of story *** |
