Bottomline buys Conn. software firm

Portsmouth-based Bottomline Technologies has acquired Allegient Systems of Wilton, Conn., a legal billing software firm that mainly services insurance companies, for $48 million in cash, the company announced Wednesday morning.The financial software firm – which has been reaching into the legal financial software market with its Legal eXchange product – said it expects to close the deal by the end of the week.Allegient, a privately owned company founded in 1989, employs 75 people, according to its website. Bottomline is particularly interested in the company’s inroads into the insurance industry. Between them, they will have a combined customer base of well over 100 leading insurers.”This is a natural fit, and we believe the combination of Allegient’s offerings and strong domain expertise in insurance, together with Bottomline’s existing capabilities, will allow us to provide the most compelling offering in the industry to our combined customers,” said Rob Eberle, president and CEO of Bottomline Technologies.The Portsmouth company has plenty of cash on hand. At the end of last year, it reported cash assets of $144 million. And it reported a net income of $4.7 million for 2010, despite the troubled economy. — BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW<