Bottomline to buy two companies



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Bottomline Technologies is acquiring two companies, the Portsmouth-based payroll software company announced Monday.One company, Logical Progression, based near Raleigh, N.C., is described as an early stage company that focuses on the development of Logical Ink, a mobile document technology for the health care industry.According to Manta, Logical Progression was established in 2005, has annual revenue of $57,000 and employs a staff of five.The other company, IDT Ltd., is already a long-term partner and reseller of Bottomline software in the United Kingdom and Europe. The deal would add 140 customers to Bottomline's customer base, according to the release.Bottomline said it expects that both acquisitions will add $100,000, $200,000 and $400,000 in revenue in the second, third and fourth quarters, respectively. The deals would dilute earnings per share by 4 cents over all three quarters, but add to net income in fiscal 2013 and beyond, the company said.While the company did not release the cost of the transactions, it did say that it would grant 60,000 shares of restricted common stock to four employees from these companies who have joined Bottomline. A separate filing with the Securities and Exchange Commission indicated that those shares were worth $1.26 million.The individuals were not named. Nor was there any breakdown on how the restricted stock and the expected revenue and profit changes were divided between the two deals.Bottomline shares closed at $22.22 at the end of trading Monday, down by 18 cents. -- BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW

 

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