Software investment firm Thoma Bravo LP completed its acquisition of financial technology provider Bottomline Technologies Inc. in an all-cash transaction valued at about $2.6 billion.

The deal was announced Dec. 17, 2021, and approved by Bottomline stockholders at a special meeting held March 8.

Under the terms of the merger agreement, Bottomline shareholders will receive $57.00 per share in cash, representing a premium of approximately 42% to Bottomline's unaffected closing stock price on Oct. 19, 2021, the last full trading day before the announcement of the formation of the Bottomline board's strategy committee, and a premium of roughly 41% to Bottomline's 30-day volume-weighted average price as of Oct. 19, 2021.

Additionally, Bottomline appointed Craig Saks CEO, effective immediately. Saks, previously president of the company, succeeds Rob Eberle.

Eberle stepped down as CEO but will stay with Bottomline in an advisory role until the end of the company's fiscal year to ensure a smooth transition.

With deal closing, Bottomline's common stock stopped trading and will no longer be listed on the Nasdaq stock market.

Deutsche Bank Securities Inc. was exclusive financial adviser to Bottomline, and Skadden Arps Slate Meagher & Flom LLP and Wilmer Cutler Pickering Hale and Dorr LLP were legal advisers to the fintech provider. Kirkland & Ellis LLP was legal adviser and BofA Securities Inc. was exclusive financial adviser to Thoma Bravo.