Bloomberg News reported last week that the company was exploring a sale. 

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“As the digital transformation of business accelerates, we see tremendous opportunity for Bottomline to continue capitalizing on its unique position, particularly in the large and growing B2B payments market,” Holden Spaht, a managing partner at Thoma Bravo, said in the statement.

Private equity firms and large payments processors have been hunting for deals in the sector, which has been consolidating for years as businesses and individuals migrate away from cash. 

Deutsche Bank AG was Bottomline’s financial adviser and Bank of America Corp. advised Thoma Bravo.

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