Source: Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY), a leading provider of payments and invoice automation software and services, today announced that it has completed the acquisition of UK-based Tranmit Plc, a provider of Web-based purchase-to-pay automation solutions.
The addition of Tranmit's invoice management capabilities further enhances the company's ability to provide global organizations with comprehensive hosted, licensed and outsourced solutions for improving the overall efficiency and productivity of the accounts payable function. Among the more than 100 organizations Bottomline has added to its customer base as a result of the acquisition are DHL, Dow Chemical, British Petroleum, Sony Music and Random House.
"Through the extension of our product offering upstream of the payments process, we have enhanced our ability to drive customer value for new and existing customers," said Joe Mullen, CEO of Bottomline Technologies. "Bottomline's innovative software and services for purchase-to-pay automation offer these organizations an array of flexible options for configuring the best solution to meet their needs today and into the future."
Tranmit's modular purchase-to-pay solution integrates with existing finance, ERP and purchasing systems. The company's product suite, which will be integrated with Bottomline's payment platforms, manages and automates transactions, both paper-based and electronic, from requisitioning, purchasing and receiving to invoice matching and approval for payment.
"I believe the combination of our product offering with Bottomline's vision and solutions for end-to-end automation of accounts payable processes creates a powerful force in the marketplace," said Shane Hussain, CEO of Tranmit. "Improving the efficiency of the purchase-to-pay cycle will continue to be an important strategic objective for businesses and we look forward to helping customers achieve that goal as a part of Bottomline."
The Tranmit acquisition is valued at approximately $9 million (U.S.) in cash and stock.