Invoice and document automation solutions
provider Bottomline Technologies reported a 23% increase in revenue
to $48.8m in its third quarter results, attributed in part to key
acquisitions made in the past year.

Bottomline’s subscriptions and transaction
revenue also grew 25% year-on-year to reach $13.5m.

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Its gross margin now stands at $25.6m, an
increase of $3.3m from Q3 2010, and net income for Q3 2011 is
$1.1m.

Core net income increased by $2.2m, or 34%, to
$8.7m when compared to the same point last year. This figure
excludes Bottomline’s acquisition related expenses of $3.6m,
restructuring expenses of $0.7m and equity–based compensation of
$3.3m.

“We executed operationally and advanced the
business strategically during the quarter,” said Rob Eberle,
President and CEO of Bottomline Technologies.

“Strong revenue growth of 23% drove financial
performance exceeding expectations in every key metric. We
continued to launch exciting and innovative new products
highlighted by a major new release of our WebSeries Global Cash
Management platform in March.

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“Strategically, the combination of Allegient
Systems and Bottomline creates the clear legal spend management
leader in an immediately accretive transaction. The strong
financial performance, new product release and acquisitions
position Bottomline for continued growth and margin expansion.”

Bottomline’s acquisition of legal e-billing,
bill review and analytics provider Allegient closed on 1 April 2011
and is claimed to be immediately accretive to core net income.