Bottomline Technologies Inc. completed on Friday an initial public offering of 3.4 million shares, priced at $13 each. Bottomline, which trades under the symbol EPAY, sells electronic payments software to banks and corporations. Proceeds are going toward business growth, product development, potential acquisitions, and other general purposes.
The deal was managed by BancBoston Robertson Stephens, BT Alex. Brown, and CIBC Oppenheimer. The stock closed at $20.25 on its first day.
Vicki Anderson, assistant vice president of the Federal Reserve Bank of Atlanta, said regional Fed banks have distributed 2,000 copies of Bottomline's software as part of the Fedline service. "We expect by the end of the first quarter that anyone who wants a copy will have one," she said.