Bottomline Technologies said Wednesday that it has agreed to purchase Bank of America Corp.'s travel commission payments service.
This is the Portsmouth, N.H., payments software vendor's second purchase of a B of A business in the past year.
In August, Bottomline announced it was buying B of A's PayMode electronic payment and remittance processing service. PayMode was previously a business of FleetBoston Financial Corp., which B of A acquired in 2004.
Bottomline said more than two dozen major travel and hospitality companies, and tens of thousands of travel agents, use the B of A service to pay commissions and send other business-to-business remittances. When the purchase of the travel commission service closes later this year, those clients will be shifted to PayMode, Bottomline said.
The financial terms of the deal were not disclosed.
In the 2009 purchase of PayMode, B of A received 1 million warrants to buy stock in Bottomline.
"The acquisition of this travel commission payments service provides a natural extension of our PayMode platform's capabilities," Rob Eberle, Bottomline's chief executive, said in a press release.
