US fintech vendor Bottomline Technologies has bought privately-held FormScape Group, which provides technology for automating document and financial transaction processes, for $22 million in cash and stock.
The deal comprises of $17 million in cash and $5 million in Bottomline common stock.
North Carolina-based FormScape has operations in the UK and Germany and more than 1500 customers including CitiGroup, Wal-Mart, Wells Fargo, Philips and Fujitsu.
Joe Mullen, CEO of Bottomline Technologies, says the FormScape business "adds leading organisations to Bottomline's customer base, deepens our domain expertise and expands our channel relationships".
"The addition of FormScape's technology and technical talent will also allow Bottomline to offer more advanced financial and document process automation solutions to the market," adds Mullen.
Bottomline says it expects the acquisition to be accretive to fiscal year 2007 non-GAAP earnings per share by between two cents and three cents a share and to raise revenue by between $8.5 million to $9 million in the same period.