Leading SaaS treasury management software provider, TreasuryXpress, has been acquired by Nasdaq-listed Bottomline Technologies (Bottomline). The deal is expected to provide TreasuryXpress the perfect launchpad for growing rapidly in the US market.
The acquiring company, Bottomline, are one of the world’s leading diversified fintech corporations with over 2,000 employees and over 1,200 Banking and FI clients. The acquisition complements and extends Bottomline’s sophisticated payment solutions with full treasury and cash management capabilities.
Since its founding, TreasuryXpress has brought to market, innovations that simplify complicated daily treasury and cash management operations. By automating large parts of these traditionally manual and resource intensive functions, treasurers globally have been enabled to reduce costs and optimize cash and liquidity utilization. With a 200-strong client base, the company has grown handsomely across Europe and MENA acquiring marquee Banking and FI clients. Notable among them is , Norway's largest financial services group, who used TreasuryXpress’ white label TMS for their SME clientele.
Incorporated in France and seeded by Sigma Gestion, the company inaugurated its technical hub in Lebanon by the lead Series A investors, Middle East Venture Partners (MEVP) to reap the benefits of the Circular 331 scheme encouraging the creation of a start-up ecosystem. Since then, along with MEVP several other MENA-based co-investors including iSME and The Luxury Fund have invested in the Company. Backed by the investments, TreasuryXpress grew to become a global technology corporation with 5 offices worldwide and recognized by leading market influencers such as Deloitte® and IDC for its rapid implementations and superior customer lifecycle experience respectively.
Walid Hanna, MEVP’s CEO, recounting the long association with TreasuryXpress noted “TreasuryXpress is the most differentiated company in its vertical. By bringing such software companies to Lebanon, we have helped the ecosystem immensely. TreasuryXpress’ structure of a front and middle office abroad backed up with a technical hub in Lebanon has proved its ability in attracting investors and major players in the fintech industry such as Bottomline Technologies. I wish Anis all the best and am delighted with the results of the efforts of the investors, the founder and his incredibly hard-working team.”
“We are delighted to be combining with TreasuryXpress,” said Rob Eberle, CEO, Bottomline. “We share a vision to transform payments and cash management processes and a culture focused on customer success and delight. We welcome the TreasuryXpress team to Bottomline and look forward to great success together.”
“I founded TreasuryXpress with a vision to serve the market with open and powerful treasury solutions that reduce complexity and add strategic value to financial teams everywhere,” said Anis Rahal, CEO and Founder of TreasuryXpress. “I would like to thank MEVP for believing in our vision. With their support, we have become a global leader in on-demand and digital treasury management technology. Now as we combine with Bottomline, we enter a new phase in our innovation journey – one that allows us to enhance and innovate the full payments and cash lifecycle. We are extremely proud and excited to join with Bottomline.”
The deal is expected to be a win-win for both companies, as TreasuryXpress will benefit from the global footprint of Bottomline, whilst Bottomline will add a much in demand TMS offering to its portfolio.
As a leading digital, on-demand treasury management solution (TMS), Bottomline TreasuryXpress makes it possible for companies of all sizes manage cash, improve liquidity utilization, streamline electronic payments processes, and increase treasury controls and efficiencies. Over 200 corporate treasuries use our smart, scalable and on-demand TMS.
For more information on our TMS solution, please contact us at firstname.lastname@example.org.
MEVP is a Middle East-focused venture capital firm that invests in the early and growth stages of innovative technology companies run by talented entrepreneurs in the Middle East region with a focus on the GCC and Levant countries. With a team of 20 VC professionals across offices in Dubai, Beirut, Cairo, Bahrain, Riyadh and Abu Dhabi, MEVP manages 4 regional funds and is the most established VC firm in the region, with a clear cross border investment appetite.
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Bottomline (NASDAQ: EPAY) makes complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and state of the art fraud detection, behavioral analytics and regulatory compliance solutions. Thousands of corporations around the world benefit from Bottomline solutions. Headquartered in Portsmouth, NH, Bottomline delights customers through offices across the U.S., Europe, and Asia-Pacific.
For more information visit www.bottomline.com.