Bottomline Technologies completes acquisition of Bora Payment Systems

Bottomline Technologies Inc. completed the acquisition of Bora Payment Systems LLC, which has developed automated payables technology for straight-through processing to streamline credit card processing.

The transaction was structured as an asset purchase for $15 million in cash and is not expected to have any material impact on Bottomline's previously issued financial guidance, according to a news release.

Through the acquisition, which took place in October, Bottomline acquired technology that will be used predominantly in its Paymode-X solution to facilitate straight-through processing of payments made via virtual card, according to the company's latest quarterly report on Form 10-Q.

The operating results of Bora will be included as a component of Bottomline's payments platform segment from the acquisition date forward. Bottomline anticipates that the substantial majority of the purchase price will be allocated to intangible assets including acquired technology, customer contracts and goodwill.