Bottomline Technologies (NASDAQ: EPAY), a leading provider of payments and invoice automation software and services, today announced the company has acquired Chicago-based Visibillity, Inc., a provider of legal e-billing solutions specializing in the insurance industry.
The acquisition of Visibillity further bolsters the company's position as a leading provider of Web-based legal spend management services to the insurance industry. With this acquisition, Bottomline adds a number of significant clients, including CNA Insurance, Employers Mutual Casualty Company and RiverStone Group, to its growing customer base. Because insurers rely heavily on their outside counsel, effective legal spend management solutions can have a dramatic impact on clients' efficiency and profitability. By combining the powerful transactional capabilities of Bottomline's Legal eXchange with Visibillity's extensive planning and collaboration tools, Bottomline will further enhance its feature-rich platform to proactively manage and control legal-related fees, expenses and relationships.
"We believe this extension of our legal spend management solution and domain expertise will enable us to deliver greater value to existing customers and new users alike," said Joe Mullen, CEO of Bottomline Technologies. "We welcome and look forward to providing Visibillity's customers with advanced functionality for addressing the issues central to legal spend management such as compliance, budgeting and performance metrics."
Among the many organizations leveraging Legal eXchange are five of the largest property and casualty insurers in the world, and industry-leading organizations in healthcare, manufacturing, communications, energy and utilities. As a result of the acquisition, Bottomline’s expanded legal spend management solutions will now serve nearly 60,000 users combined, including users at more than 4,000 law firm offices.
"In Bottomline Technologies, we found a strong and innovative industry leader with which we could partner to extend our technology vision while continuing to service our existing customers," said Faiz Ahmed, CEO of Visibillity. "I believe Bottomline's commitment to this growing market will serve existing and future customers of the combined organization in a unique way. We are looking forward to the many new opportunities that lie ahead."
The consideration for the acquisition was $11.5 million in cash.