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| For Immediate Release |
Contact: Jeremy Milner
401-862-9422
jeremy@jeremymilner.com
Jill Burnie
617-375-4217
jill.burnie@morgankeegan.com |
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Morgan Keegan Advises Allegient Systems in Acquisition by Bottomline Technologies
Morgan Keegan is pleased to announce the sale of Allegient Systems, Inc. (“Allegient”), a portfolio company of HIG Capital, LLC, to Bottomline Technologies (“Bottomline”) for $48 million in cash. Bottomline is a leading provider of collaborative payment, invoice and document automation solutions serving corporations, financial institutions and banks worldwide. Morgan Keegan acted as exclusive financial advisor to Allegient and HIG Capital.
Allegient’s SaaS platform will complement Bottomline’s Legal eXchange portfolio and enhance its legal expense management platform. “The Allegient team is excited to join Bottomline,” said John Kelly, CEO of Allegient Systems. “We believe this combination of complementary offerings will create exciting new opportunities for our customers and accelerate our delivery of innovative solutions.”
About Allegient Systems
Headquartered in Wilton, CT, Allegient is the leading provider of claims vendor management services to insurance companies, third party administrators and |
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self-insured corporations. Clients use Allegient’s proprietary SaaS-based software suite and in-house auditing expertise to strategically manage their vendor spend through workflow automation, bill review cost containment and business intelligence. The Company has a 20 year history serving insurance carriers with their vendor spend needs.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) markets and 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.
About Morgan Keegan
Morgan Keegan, a full-service brokerage and investment banking firm, has more than 4,100 employees in 300 offices across the country. The firm’s Investment Banking division provides comprehensive merger and acquisition advisory, public equity and private capital services to public and private middle-market companies as well as private equity groups. Industry sectors include:
- Transportation & Logistics
- Industrial
- Consumer
- Energy
- Security & Defense
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- Real Estate
- Healthcare
- Technology
- Financial Services & Transaction Processing
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