Chicago private equity Thoma Bravo to take fintech Bottomline private in $2.6bn deal

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Chicago private equity Thoma Bravo to take fintech Bottomline private in $2.6bn deal

Thoma Bravo LP, the Chicago, Illinois-headquartered American private equity firm having had about a lump sum of $91 billion worth of assets under its management as of September 30, had issued a statement later last week saying that the private equity firm would purchase a financial technology company, Bottomline Technologies, in a $2.6 billion all-cash deal, while the deal in effect would take the fintech firm private, marking off a sagacious move in context of a pandemic-associated upsurge in adoption of technologies across wide-ranging industries.

Apart from that, Thoma Bravo, founded back in the 2008s with subsidiaries like of Proofpoint Inc., Sophos, QAD Inc alongside Kofax among others, comes over the heels of a baleful narrative, while a number of mega-cap tech giants had been postponing their plans to get workers back in their offices amid spread of a rapidly spreading Omicron variant of the pandemic pathogen.

Thoma Bravo to take fintech Bottomline private

According to the financial terms of the deal, Bottomline shareholders would receive a $57 per share, representing a premium of 16.5 per cent compared to its Thursday’s market closure, while followed by the reveal of media topline, shares’ prices of Bottomline jumped as much as 15 per cent on Friday’s pre-market trading.

Nonetheless, after soaring nearing 15 per cent in pre-market trading Bottomline had wrapped up the day 14.74 per cent higher to $56.13 per share, while the Portsmouth-based fintech firm had recorded a weekly percentage gain of 6.29 per cent.

Thoma Bravo was expecting to close the deal before second quarter of 2022, the tech-focused private equity firm had added in a statement.