Bottomline Technologies Inc. –

PORTSMOUTH, N.H. Bottomline Technologies, a developer of software that facilitates e-commerce for business-to-business transactions, went public February 12, offering 3.4 million shares at $13 apiece. The company’s stock priced at the high end of its $11 to $13 filing range.

The initial public offering, underwritten by BancBoston Robertson Stephens, BT Alex. Brown and CIBC Oppenheimer, left 9.94 million shares outstanding.

Hambrecht & Quist Venture Investors, the company’s sole venture backer, was not among the selling shareholders who offered 880,534 shares.

Bottomline’s PayBase software helps users make, receive and manage payments such as payroll, commissions and bills, and notifies payees via e-mail or fax. The Windows NT-based group of products works with a company’s existing software and has an optional LaserCheck printing system and a tax payment module. Charles Schwab, Dow Jones and Harvard University are some of the company’s clients.

The company plans to use the approximately $32.75 million generated by the offering to finance continued growth and expansion of its business, product development, potential acquisitions and other general corporate purposes.

Bottomline was profitable in 1998, earning $1.6 million, after losing $1.3 million in 1997.


Bottomline Technologies Inc.

(in thousands, except per share data)

Year Ended June 30, Six Months Ended December 31,

1994 1995 1996 1997 1998 1997 1998

Revenue 10,408 15,115 18,067 22,126 29,037 13,548 18,136

Net income (loss) 924 775 883 -1,252 1,603 627 1,538

Net income (loss) per share 0.16 0.12 0.14 -0.23 0.24 0.09 0.23