Payment automation firm Bottomline Technologies Inc has bought e-billing software provider Visibility Inc for $11.5m in cash.
Bottomline says the buy will strengthen its position in the so-called legal spend management sector by combining Bottomline’s Legal eXchange platform with Visibility’s planning and collaboration tools
Visibility’s legal e-billing software has carved a strong niche in the US insurance sector.
Following the merger Bottomline will have 60,000 combined users worldwide. Chicago-based Visibility brings on board customers like CNA Insurance.
Founded in 1989 and headquartered in Portsmouth, New Hampshire, Bottomline’s Web-based software lets businesses make and collect payments, send and receive invoices and conduct online banking.
Bottomline’s stock jumped 1.5% yesterday afternoon to $11.27 after the acquisition was announced.