Formed in 1989, Albany is used by more than 5000 businesses to streamline, automate and manage processes involving the collection of direct debits and electronic payments.

Nigel Savory, managing director of Bottomline, says: "The combination of our businesses represents an opportunity to realise operating synergies and accelerate our cloud innovations for businesses of all sizes."

Bottomline recently reported revenues for the fourth quarter of $61.4 million, an increase of $7.1 million, or 13%, from the fourth quarter of last year. Subscription and transaction revenues, which are primarily related to the company's banking, legal spend management and Paymode-X cloud-based applications, increased 64% from the fourth quarter of last year to $28.0 million.

Financial terms of the acquisition were not disclosed.