Bottomline Technologies wins $22.3 million investment

Bottomline Technologies wins $22.3 million investment

New Hampshire-based Bottomline Technologies has secured $22.3 million financing from private equity investment firm General Atlantic Partners.

Under terms of the deal, Bill Grabe, partner with General Atlantic Partners, will join the company's board of directors.

Of the 2.7 million shares being purchased, 2.1 million are newly issued shares by the company with the balance as secondary shares being sold in equal amounts by the company's founders, Dan McGurl and Jim Loomis.

Dan McGurl, chairman and chief executive officer of Bottomline, says: "The capital will help accelerate our growth strategy and enable us to more aggressively extend our products and services."

Over the last few months, Bottomline has announced a number of significant new client relationships, including a three year $4.2 million contract with Lloyds TSB to provide outsourced cheque and credit processing services to the bank's business customers. The company also won a contract with Fidelity Investments to provide an electronic transaction initiation and reporting platform designed to manage and control the movement of shareholder funds.

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