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Bottomline Technologies Inc., a Portsmouth, N.H., payment and billing software provider, is paying $48 million to buy Allegient Systems, a Wilton, Conn.-based provider of legal e-billing, bill review and analytics for insurance companies.
The acquisition is expected to close on Friday, April 1.
Bottomline (Nasdaq: EPAY) officials said in a news release today that Allegient’s software as a service platform for insurers will complement Bottomline’s existing payment, invoice and document automation offerings. Bottomline CFO Kevin Donovan also noted in a release that the acquisition “will drive profitable subscription and transaction revenue growth.”
The buyout of Allegient follows several acquisitions Bottomline has made in recent years, including its August 2010 buy of Bank of America’s PayMode electronic and payment product, as well as a March 2008 acquisition of Georgia company Optio Software Inc. for $45 million.
Last June, Bottomline announced that it planned to raise $57.6 million in a public offering of its stock shares.
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