Bottomline Technologies has acquired London-based Swift Service Bureau provider. SMA Financial, for an undisclosed sum.
The acquisition combines a Swift Regional Partner for the UK, Ireland and the Channel Islands, with Bottomline's treasury and cash management technology.
Bottomline president and CEO Rob Eberle says the combined offering will focus on providing SaaS-based Swift connectivity under the banner of Swift Access Service with integrated treasury and cash management technology for the corporate banking market.
"Swift Access Service is a natural extension of our suite of cloud-based offerings designed to assist corporations and financial institutions streamline their payments processes and realise the associated cost-savings and efficiency benefits," he says.
SMA currently claims more than 100 active customers of its Swift Service Bureau from both the corporate and financial sphere, including National Grid, Vodafone and Standard Life.
Bottomline expects the acquisition to contribute less than $1 million of revenue per quarter in fiscal 2011 and be dilutive by approximately 4¢, 3¢ and 2¢ in the second, third and fourth quarters respectively, principally due to the accounting treatment of acquired deferred revenue. The transaction is projected to be accretive to core net income in fiscal 2012 and beyond.