Earnings

Bottomline’s 12 Percent Revenue Boost

online banking

Bottomline Technologies on Thursday (May 2) posted a 12 percent year-over-year gain in subscription and transaction revenue for the payment services provider’s fiscal third quarter 2019, which ended March 31. Those revenues hit $75.5 million, according to Bottomline’s latest financial release.

Overall revenue reached $106.4 million, a 5 percent increase compared with the same period last year (8 percent on a constant currency basis). The payment services provider also said Thursday that “core net income for the third quarter was $13.7 million compared to $11.9 million for the third quarter of last year,” a 15 percent year-over-year increase.

“We enter the fourth quarter and fiscal 2020 confident in our strategic plan and our ability to execute against that plan,” said Rob Eberle, Bottomline Technology president and CEO. “Our focus on market leadership and subscription and transaction revenue growth positions us to drive sustained shareholder value for years to come.”

Among the highlights of the company’s fiscal Q3 2019 were that “22 institutions selected Paymode-X to automate their payments processes, increase productivity and security, reduce costs and earn cash rebates,” Bottomline said in its earnings release. As well, “three organizations, including Pekin Insurance and Aldi, chose Bottomline’s legal spend management solutions to automate, manage and control their legal spend,” and “three banks selected Bottomline’s banking solutions platforms to help them compete and grow their corporate and business banking franchises by deploying innovative digital capabilities.”

As PYMNTS covered in February, UMB Financial Corporation teamed up with Bottomline Technologies to integrate an accounts payable management offering for corporate customers. The companies said UMB will begin offering Bottomline’s Paymode-X solution, integrated with Visa Payables, for business customers, allowing companies to pay their own suppliers with virtual cards as well as checks and ACH.

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