(COMTEX) B: Bottomline Technologies Announces Expanded Strategic Rela
B: Bottomline Technologies Announces Expanded Strategic Relationship with
Citibank
PORTSMOUTH, N.H., Aug 18, 2000 (BUSINESS WIRE) --
Strategic alliance provides world's largest financial services
company an equity relationship with Bottomline Technologies
Bottomline Technologies(R) (NASDAQ: EPAY), the premier provider of Web-enabled
billing, payment, and electronic banking solutions, today announced that
Citibank has been granted the opportunity to obtain a potential equity interest
in Bottomline in the form of a warrant. Citibank is part of Citigroup (NYSE: C)
the world's most global financial services company.
"Citibank is the premier global financial services organization and we see this
equity transaction as a validation of our business model as we continue to drive
strong revenue and earnings growth," said Dan McGurl, Chairman and CEO of
Bottomline Technologies. "Moving forward, we see a long and mutually beneficial
relationship with Citibank as together we help their customers save money and
streamline operations by migrating their financial transactions from paper to an
electronic-based system."
Bottomline and Citigroup's e-Business Division have previously announced a
strategic alliance under which Bottomline has provided its NetTransact product
to enable Citibank's business-to-business (B2B) initiative for electronic bill
presentment and payment (EBPP). Under the alliance, Citibank is initially
marketing Bottomline's NetTransact as a component of its Citibank Electronic
Billing service to its Fortune 1000 customer base in the United States and
Canada.
Industry experts predict this market will more than quadruple in the decade,
with electronic payments going from 14% of total payments today to over 60% in
2009.
The three-year warrant provides Citibank with the right to purchase up to
324,000 shares of Bottomline common stock. Should Citibank exercise the
warrants, it would give Citibank just under three percent ownership of
Bottomline based on Bottomline's current capital structure.
About Citigroup
Citigroup (NYSE:C), the most global financial services company, provides some
100 million consumers, corporations, governments and institutions in over 100
countries with a broad range of financial products and services including
consumer banking and credit, corporate and investment banking, insurance,
securities brokerage and asset management. The 1998 merger of Citigroup and
Travelers Group brought together such brand names as Citibank, Travelers,
Salomon Smith Barney, CitiFinancial and Primerica under Citigroup's trademark
red umbrella. Additional information can be found at citigroup.com.
About Bottomline Technologies
Bottomline Technologies(R) (NASDAQ: EPAY) is the leading provider of Web-enabled
billing, payment, and electronic banking solutions for the business-to-business
market. Bottomline's three integrated e-business offerings enable corporations
and financial institutions worldwide to integrate, automate, and streamline the
entire financial supply chain. PayBase(R) provides a pathway from traditional
paper checks to electronic payments, as well as sophisticated messaging,
remittance, and anti-fraud tools. NetTransact(TM), the Company's
business-to-business bill presentment and payment suite, enables enterprise
billers and their trading partners to electronically present, adjudicate, and
pay bills on-line. Bottomline's BankQuest(TM) is a corporate and institutional
browser-based electronic banking platform that provides information reporting
and transactional services for cash management, trade finance, and securities
processing. Today, Bottomline's offerings are utilized by over 2,500
organizations representing every major industry sector. Founded in 1989,
Bottomline maintains its headquarters in Portsmouth, NH and has satellite
offices located in most major cities. For more information, dial (800) 243-2528
or visit Bottomline on the web at bottomline.com.
Cautionary Language
This press release may contain forward-looking statements that involve risks and
uncertainties, including statements regarding expected benefits of use of the
Company's products and future growth or results. Among the important factors
which could cause actual results to differ materially from those in the
forward-looking statements are competition, market demand, technological change,
strategic relationships, recent acquisitions, international operations and
general economic conditions. For additional discussion of factors that could
impact the Company's financial results, refer to the Company's Form 10-K filed
September 1999.
CONTACT: Bottomline Technologies
Tim Aberle
603-559-5246
taberle@bottomline.com
or
Citigroup e-Business
Beverly Wayne
203-975-6745
beverly.wayne@citicorp.com
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KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING
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