MOUNTAIN VIEW, Calif. and PORTSMOUTH, N.H. - March 05, 2012 -
Intuit Inc. (Nasdaq: INTU) and Bottomline Technologies
(Nasdaq: EPAY) announced a strategic partnership in which
they will use their core expertise and combined market
strength to deliver innovative products and services for
businesses to the banking and financial services
industry.
The two companies plan to bring more innovative business
banking offerings to more financial institutions faster using
Bottomline's services-oriented architecture and Intuit's open
platform architecture. As part of the partnership,
Bottomline will acquire the commercial banking business from
Intuit's financial services segment when the transaction
closes. Terms of the deal, which is expected to close within
the next few weeks, were not announced. The companies will
then work together through cross promotions, referrals and
joint sales efforts to deliver innovative solutions for
financial institutions of all sizes.
"Improving the solutions and services small businesses and
consumers receive from their financial institutions is more
than an Intuit strength, it's in our DNA," said CeCe Morken,
senior vice president and general manager of Intuit financial
services. "This relationship enables us to further
concentrate on helping financial institutions better engage
these important customer segments and grow. At the same time,
our commercial banking customers will benefit from
Bottomline's focus and expertise in cash
management."
Today, 15 of the top 25 global banks use Bottomline's
transaction banking solutions to serve their small business
through large corporate customers. Bottomline
executives expect the partnership to help expand its reach to
a much broader set of financial institutions.
"This partnership with Intuit represents an opportunity to
align with a truly innovative and leading organization," said
Rob Eberle, president and CEO of Bottomline. "We will
accelerate the transition of our commercial banking solution
set to the Cloud. This will allow us to better serve
not only the large banks we currently focus on, but also to
offer an extremely attractive proposition for the many medium
sized and smaller financial institutions which make up the
majority of the banking market today. It is an extremely
attractive investment opportunity and milestone event for
Bottomline."
Intuit has helped small businesses and consumers save time
and money for nearly three decades. The company's leadership
in these markets has enabled its financial services business
to build solutions for financial institutions that help
increase their relevance and profitability with these
segments. Approximately 1,900 banks and credit unions in the
United States use Intuit Financial Services' online and
mobile solutions.
Bottomline Technologies is a recognized global leader in
online cash management and transaction banking solutions.
Bottomline's success has been driven by the capability and
functionality of its sophisticated cash management solutions,
which enable banks to best attract and serve their corporate
and business customers.
About Intuit
Intuit Inc. is a leading provider of business and financial
management solutions for small and mid-sized businesses;
financial institutions, including banks and credit unions;
consumers and accounting professionals. Its flagship products
and services, including QuickBooks®, Quicken® and TurboTax®,
simplify small business management and payroll processing,
personal finance, and tax preparation and filing. ProSeries®
and Lacerte® are Intuit's leading tax preparation
offerings for professional accountants. Intuit Financial
Services helps banks and credit unions grow by providing
on-demand solutions and services that make it easier for
consumers and businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.9 billion in
its fiscal year 2011. The company has approximately 8,000
employees with major offices in the United States, Canada,
the United Kingdom, India and other locations. More
information can be found at www.intuit.com.
About Intuit Financial Services
Intuit Financial Services helps banks and credit unions grow
by offering innovative online and mobile banking solutions
that make it easier for consumers and businesses to manage
their money. Applying more than three decades of customer
insights and innovation to design its products, Intuit
provides solutions that help financial institutions achieve
higher customer engagement and profitability. Learn more at
www.ifs.intuit.com.
Bottomline Technologies (NASDAQ: EPAY) provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world. The company's solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific.www.bottomline.com.