Dubai-based SaaS treasury management software provider TreasuryXpress, has been acquired by Nasdaq-listed Bottomline Technologies.
TreasuryXpress offers treasury and cash management solutions to large corporates, banks and other financial institutions. Since its founding, the company has helped treasurers globally reduce costs and optimise cash and liquidity utilisation.
TreasureyXpress now counts 200 clients across Europe and the Middle East and North Africa (Mena) region, including marquee banking and financial institution clients. Among its top clients is a Norway-based financial services group, which used TreasuryXpress’ white label transportation management system (TMS) for their SME clientele.
The company launched its technical hub in Lebanon with investment from Middle East Venture Partners (MEVP) and several other Mena-based co-investors including SMEs and The Luxury Fund have invested in TreasuryXpress. The company now has five offices worldwide.
Anis Rahal, CEO and founder of TreasuryXpress said: “I founded TreasuryXpress with a vision to serve the market with open and powerful treasury solutions that reduce complexity and add strategic value to financial teams everywhere. I would like to thank MEVP for believing in our vision. With their support, we have become a global leader in on-demand and digital treasury management technology. Now as we combine with Bottomline, we enter a new phase in our innovation journey – one that allows us to enhance and innovate the full payments and cash lifecycle. We are extremely proud and excited to join with Bottomline.”
Walid Hanna, CEO of MEVP said: “TreasuryXpress is the most differentiated company in its vertical. By bringing such software companies to Lebanon, we have helped the ecosystem immensely. TreasuryXpress’ structure of a front and middle office abroad backed up with a technical hub in Lebanon has proved its ability in attracting investors and major players in the fintech industry such as Bottomline Technologies. I wish Anis all the best and am delighted with the results of the efforts of the investors, the founder, and his incredibly hard-working team.”
Bottomline is a diversified fintech corporation with over 2000 employees and over 1200 banking and financial institution clients. The acquisition complements and extends Bottomline’s payment solutions with full treasury and cash management capabilities.
The deal is expected to enable TreasuryXpress to expand into the US market utilising Bottomline’s global footprint, while the latter will be able to add the TMS offering to its portfolio.
“We are delighted to be combining with TreasuryXpress. We share a vision to transform payments and cash management processes and a culture focused on customer success and delight. We welcome the TreasuryXpress team to Bottomline and look forward to great success together,” said Rob Eberle, CEO of Bottomline.