M&A · Tech · Services-Prepackaged Software
Thoma Bravo to acquire Bottomline Technologies Inc
Announced Dec 17, 2021 · Closed May 13, 2022
Deal value$2.60BEV $2.46B
Premium42.0%To unaffected price
EV / Adj. EBITDA—5.1x EV / Revenue
ConsiderationAll cash$57.00 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- Bottomline Technologies Inc
- Buyer type
- Private equity
- Offer price per share
- $57.00
- Enterprise value
- $2.46B
- Status
- Closed May 13, 2022
Deal protections
- Break fee (target pays)
- $78.0M · 3.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities
- To the target
- Deutsche Bank
- Deutsche Bank fee
- $25.0M
Sector context · Tech
- Comparable deals
- 49 in the prior 24 months
- Premium
- 42.0% vs. 29.9% sector median
- EV / Adj. EBITDA
- Sector median 17.7x
- Break fee
- 3.0% vs. 3.0% sector median
Timeline
- AnnouncedDec 17, 2021
- Proxy filedJan 18, 2022
- Definitive proxyFeb 2, 2022
- Shareholder voteMar 8, 2022
- ClosedMay 13, 2022
Valuation · fairness opinions
Discounted cash flow$41.90$57.21
Trading comparables$40.14$50.20
Trading comparables$50.00$62.53
Precedent transactions$42.49$51.01
Analyst price targets$50.00$57.21
Offer $57.00
Implied value per Bottomline Technologies Inc share by analysis, from Deutsche Bank.