Business payments technology firm Bottomline Technologies has acquired fellow paytech Nexus Systems, a provider of accounts payable (AP) and payments automation software for the real estate and property management industries.
Nexus’ flagship procure-to-pay solution, its customers and suppliers, will join Bottomline’s Paymode-X B2B payments network, which processes over $300 billion in payments annually on behalf of 500,000+ businesses.
“The Nexus combination deepens what we can deliver to customers across real estate and property management, bringing to Paymode-X vertical depth and expertise through an incredibly talented team that has developed rich feature-functionality,” comments Tom Dolan, general manager for Paymode-X at Bottomline.
“Capabilities including procurement, purchase order approval, invoice automation and job costing are some of the core features we will use to deliver customer delight across the industry.
“Nexus also adds thousands of suppliers to the Paymode-X network who are ready to be paid digitally.”
Terms of the deal were not disclosed. Mainsail Partners was the only private equity investor in Nexus prior to the transaction.
Nexus was founded in 1999 by Thomas Coolidge (CEO) and is based in Virginia, US.
With its HQ in New Hampshire and locations across the US, UK, Switzerland, Israel, India, Australia and Singapore, Bottomline serves customers worldwide. It claims more than 10,000 corporate customers and 1,400 commercial and business banks.
In late 2021, it was acquired by private equity (PE) firm Thoma Bravo for $2.6 billion.