Fintech-focused private equity firm Thoma Bravo has closed the acquisition of payments technology company Bottomline Technologies for around $2.6bn.

The acquisition was initially announced in December last year, and its closing follows the receipt of approval from Bottomline stockholders in March this year.

Under the terms of the transaction agreement, Bottomline shareholders would receive $57 a cash consideration per share.

Also, Bottomline common stock will no longer be traded and will be de-listed from the Nasdaq stock market, upon closing.

As part of the transaction, Craig Saks, an experienced executive in the financial technology and payments industry, will be appointed as Bottomline’s chief executive officer.

Saks will succeed Rob Eberle, who will continue with Bottomline in a strategic advisory role, till the end of the company’s current fiscal year.

Saks said: “As a fintech and payments industry executive for the past 20 years, I have long admired Bottomline’s success and its ability to innovate ahead of the evolving B2B payments market.

“The future for Bottomline is bright, and I am honoured to have the opportunity to lead the talented team that has built the company into an industry leader.”

Eberle said: “There are significant opportunities ahead for Bottomline in this dynamic and growing market, and I look forward to watching the company’s success for years to come.”

Thoma Bravo is a private equity firm that invests in software and technology companies and has more than $103bn in assets under management as of December last year.

With the acquisition, Bottomline is enabled to benefit from Thoma Bravo’s operating capabilities, capital resources and technology industry expertise, to further expand its payment products for businesses.

Together with Thoma Bravo, it can focus on advancing the business, investing in innovation and developing new capabilities to deliver increased value for customers, said Bottomline.

Deutsche Bank Securities served as an exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom and Wilmer Cutler Pickering Hale and Dorr as legal advisors to Bottomline, on the transaction.

Kirkland & Ellis served as a legal advisor and BofA Securities as an exclusive financial advisor to Thoma Bravo.

Bottomline board chairman Joe Mullen said: “Under Rob’s leadership, Bottomline has delivered a track record of consistent innovation and growth and has risen to the forefront of the B2B payments market.”

Thoma Bravo managing partner Holden Spaht said: “We have tracked Bottomline’s growth and success for over a decade and are excited to partner with Craig and the talented management team at Bottomline.”