Bottomline Technologies (NASDAQ: EPAY) announced today that it has acquired FormScape Group for $22 m ($17 m in cash and $5 m stock). Bottomline Technologies has been in our radar since inception of ebdex but I have not come across FormScape before.
FormScape offers two solutions, these being Covus (ERP document lifestyle management system) and FormScape V3 (document output, storage and retrieval system). Not quite a direct competitor to ebdex, but nonetheless now one less company in the fragmented market place. Interesting to note that Oracle, SAP, Sun Microsystems, IBM, HP and Microsoft are identified as ISVs. With more than 8,000 customers and 50 partners, certainly a major strategic acquisition for Bottomline Technologies.