Bottomline Technologies, a leading provider of cloud-based payment, invoice and banking solutions, today announced the acquisition of Swiss-based Sterci SA and the signing of an agreement to purchase London-based Simplex GTP Ltd. These leading providers of financial messaging solutions utilize the SWIFT global messaging network on behalf of more than 350 customers across 20 different countries. When the acquisitions are completed, the two companies, combined with Bottomline’s existing SWIFT Access Service financial messaging business, will create a new global center of excellence in financial messaging, providing solutions for banks, financial institutions and corporations around the world.
“We are delighted to welcome the customers and employees of Sterci and Simplex to Bottomline. Bringing together these three businesses creates a truly global financial messaging business with the expertise, resources and scale to help customers around the world optimize their financial transactions” said Rob Eberle, President and CEO of Bottomline Technologies. “These acquisitions extend our presence in Europe and further build on our core expertise in banking, payments and financial transactions, enabling us to offer our clients a broader suite of solutions to improve their operating efficiency and optimize their financial transactions.”
Bottomline Technologies claim that the newly combined business will become a market-leader in financial messaging serving over 530 banks, financial institutions and corporations across 20 different countries with locations in key financial hubs including Geneva, Frankfurt, Paris, London, New York, Toronto and Singapore.
The Sterci acquisition has closed. The acquisition of Simplex is subject to certain shareholder approvals and other customary closing conditions and is expected to close in the next month. Bottomline Technologies also just announced a 14% increase y-on-y in revenues in the last quarter
SWIFT’s strategy to weed-out the smaller, less financially stable service bureau providing SWIFT connectivity services is clearly working. There will probably be only 4-6 SWIFT service bureau by the end of this consolidation process. Each will have major presence in at least one region and most will have global presence, this is the only way they can compete with SWIFT’s Alliance Lite 2 service and be of a size and financial stability to attract the larger corporates’ business.