PRIVATE EQUITY FIRM COMPLETES DEAL FOR BOTTOMLINE TECHNOLOGIES
Thoma Bravo, a San Francisco-based software private equity firm with more than $91 billion under management, completed its $2.6 billion acquisition of the publicly traded Portsmouth-based Bottomline Technologies on May 13. The deal, at $57 a share, was announced in December, and Bottomline shareholders overwhelmingly approved it on March 8.
Bottomline was founded in 1989 with the goal of replacing precut paper checks with an electronic automated system. It went public a decade later, at $19 a share, and the company has become one of the leading financial technology companies, working with major corporations, insurers, law firms and banks. It currently has roughly 2,000 employees worldwide, with about a quarter of them working at its 100,000-square-foot, four-story headquarters at the Pease International Tradeport in Portsmouth Three days before the closing, Bottomline filed its last quarterly report as a publicly traded company. As of March 31, it had $795 million in assets — $118 million in cash — and $379 million in liabilities, leaving stockholders with $417 million in equity.
In a press release, Thoma Bravo said shareholders received a premium of 42 percent over the price Bottomline stock was trading at before the company announced that it was up for sale.
One of the first things Thoma Bravo did was replace CEO Robert Eberle with Craig Saks, who formerly worked for ACI Worldwide, another publicly traded payment software company located in Florida where he most recently served as development of strategies, partnerships and business models. A Bottomline filing with the Securities and Exchange Commission says that Saks had an “existing relationship with Thoma Bravo,” though it does not say what it was, and neither does Saks’ LinkedIn page.
ADIMAB ANNOUNCES NEW CEO, PRESIDENT AS GERNGROSS STEPS ASIDE
Lebanon-based biotech firm Adimab has named appointments of Philip T. Chase as its new CEO and Eric M. Krauland as president and chief scientific officer. Chase, who for the last 10 years has been the firm’s general counsel, succeeds co-founder Tillman U. Gerngross, who will move to a strategic role as executive chair of the board of directors.
Krauland has held a variety of leadership positions at Adimab since 2007, including serving as Adimab’s chief scientific officer since 2017.
“Adimab has been the crown jewel of my professional and entrepreneurial endeavors, and I feel we have made a remarkable impact as a company, said Gerngross, who founded Adimab 15 years ago. Over the years, the company — which works with monoclonal antibodies — has secured partnerships with several manager pharmaceutical companies, including Bristol Myers Squibb, Sanofi and Takeda.
RED RIVER NAMES INDUSTRY VETERAN NEW CEO
Claremont-based information technology firm Red River has announced that Brian Roach has been appointed as its new CEO. He began his new job on May 31.
Roach joins Red River from SAP North America, where he led the regulated industries practice in the United States. He oversaw the business’s strategy, operations and customer relationships, partnering with federal, state and local governments, as well as organizations in the higher education, aerospace and defense, healthcare, and utilities industries.
Prior to SAP, Roach spent six years with Juniper Networks, where he led the National Government business unit, selling and delivering high-performance networking and security systems to U.S. government agencies. He has also had leadership roles at Microsoft, Lockheed Martin and Unisys during his more than 20-year career.
