Bottomline Announces Stock Repurchase Program
PORTSMOUTH, NH (August 5, 2019) – Bottomline Technologies (NASDAQ:EPAY), a leading provider of financial technology that helps make business payments simple, smart and secure, today announced that its Board of Directors has authorized a share repurchase program of up to $50 million. The first $10 million is targeted to be completed by September 30, 2019.
“We have a high degree of confidence in our ability to accelerate our subscription and transaction revenue growth rate over the coming fiscal year” said Rob Eberle, CEO of Bottomline Technologies. “Repurchasing shares reflects our confidence in Bottomline’s strategy and growth prospects.”
“We believe our stock is an attractive investment opportunity at current levels” said Rick Booth, Chief Financial Officer. “Our strong balance sheet and predictable cash flow allows us to repurchase shares while continuing to invest in opportunities that will drive long-term growth.”
Stock repurchases may be executed pursuant to trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934 and through various means, including, without limitation, open market transactions, privately negotiated transactions or tender offers. The Stock Repurchase Program does not obligate the Company to purchase any shares. The authorization for the Stock Repurchase Program may be terminated, increased or decreased by the Company’s Board of Directors at any time.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) helps make 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.
Chief Financial Officer