Bottomline, a US-based publicly documented payments corporation, with a market cap of $2.2 billion, has obtained treasury maintenance software provider TreasuryXpress, the two corporations declared in a report. The financial information of the transaction was not revealed.
Established in 2017 in Paris by Lebanese businessman Anis Rahal, TreasuryXpress gives online software to various corporations, assisting them to handle their treasury and cash functions in a smooth way. The software that is being utilized by 200 clients in Europe, North Africa, and the Middle East, automate huge portions of these operations, which are conventionally completed manually and need so many resources. The automation assists treasures decrease the cost and optimizing their cash and liquidity use.
Most of TreasuryXpress’ employees were situated in its Beirut office where the corporation had begun its technology center after getting investment from Middle East Venture Partners that had spreadhead its Series A. Its cap table also comprised other names from Lebanon comprising iSME and the Luxury Fund. As per publicly unrestricted sources, the Paris headquarters startup had increased around $6.5 million in overall funding to date which comprises a $5 million Series B completed in 2017.
Its new owner Bottomline gives various kinds of payment, invoice, and document mechanization solutions to companies, financial entities, and banks across the globe. As per its website, this recently gives 1,200 banks and financial units throughout the globe.
Anis Rahal, the CEO, and founder of TreasuryXpress, stated, “I got TreasuryXpress with a dream to deliver the market with open and effective; treasury resolutions that decrease complicated and add methodic importance to financial groups around. It is my pleasure to thank MEVP for trusting in our desire. With their aid, we have become an international professional in demand-driven and digital treasury maintenance technology. Now as we merge with Bottomline, we enter a new stage in our invention journey – one that permits us to increase and invent the complete payments and cash lifecycle. We are incredibly proud and eager to combine with Bottomline.”
Walid Hanna, MEVP’s CEO stated, “TreasuryXpress is a very distinguished corporation in its vertical. By giving such software corporations to Lebanon, we have assisted the ecosystem tremendously. TreasuryXpress framework of a front and middle office foreign-backed up with a technical center in Lebanon has proved its capability in alluring businessmen and prime professionals in the fintech industry like Bottomline technologies. I want Anis all the most useful and am pleased with the outcomes of the investors’ actions the founder and his exceptionally hard-working team.”
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