SaaS treasury management software provider, TreasuryXpress, has been acquired by Nasdaq-listed Bottomline Technologies.
The deal is expected to provide TreasuryXpress with a launchpad for growing rapidly in the US market.
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The acquiring company, Bottomline, is a diversified Fintech corporation with over 2,000 employees and 1,200+ Banking and FI clients. The acquisition complements and extends Bottomline’s payment solutions with full treasury and cash management capabilities.
Since its founding, TreasuryXpress has simplified 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 client base of 200, the company has grown across Europe and MENA acquiring marquee Banking and FI clients. Notable among them is Norway's largest financial services group, which used TreasuryXpress’ white label TMS for their SME clientele.
The company inaugurated its technical hub in Lebanon by Middle East Venture Partners (MEVP) to reap the benefits of the Circular 331 Scheme encouraging the creation of a startup 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.
Walid Hanna, MEVP’s CEO commented on the news, “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.”
Rob Eberle, CEO of Bottomline said, “We are delighted to be combining with TreasuryXpress. 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.”
Anis Rahal, CEO and Founder of TreasuryXpress added, “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. 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.
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