Stock Watch: Acquisitions Send Bottomline Lower

Bottomline Technologies (Nasdaq: EPAY) slipped 5/16 to 29 15/16 in early trading Tuesday after the Portsmouth, New Hampshire-based Internet billing company said it bought Checkpoint Holdings Ltd., a UK-based electronic payment firm, for approximately $78 million.

Bottomline said it paid $15 million in cash, along with a $20 million promissory note, 1.35 million newly issued shares and a warrant to purchase 100,000 additional shares at $50 each. The acquisition will dilute results for fiscal 2001, but should help the bottom line thereafter, the company said.

Bottomline also said it bought Flashpoint Inc., a Boston, Massachusetts-based Web software development company, for about $12 million in cash and stock.

“With these two acquisitions, we expect to significantly accelerate our growth, extend the reach of our technology solutions and provide further resources for our global customer,” said Bottomline president Dan McGurl.

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