(Bloomberg) — Bottomline Technologies Inc., which manages payments and invoices for businesses, is exploring a sale, according to people with knowledge of the matter.
The Portsmouth, New Hampshire-based company is working with Deutsche Bank AG as it considers options, the people said, asking not to be identified discussing private information. Bottomline has attracted interest from private equity firms, they said. No final decision has been made and Bottomline could opt to remain independent.
A representative for Bottomline didn’t immediately respond to requests for comment. A representative for Deutsche Bank declined to comment.
The sale deliberations come as private equity firms and large payments processors go hunting for deals in the sector, which has been consolidating heavily for years as businesses and individuals migrate away from cash.
Bottomline’s shares rose as much as 9.6% after the close of regular trading. They had closed Thursday down 1.1% at $44.70 in New York, giving the company a market value of about $2 billion. The stock was down 11% in the past year through Thursday’s close.
In October, Bottomline added three new board members as part of an agreement with shareholders Clearfield Capital Management and Sachem Head Capital Management. It also formed a committee to evaluate and make recommendations on its market position and strategy.
(Updates with after-market trading in fifth paragraph)
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