MOUNTAIN VIEW, Calif. (3/14/12)--Intuit Inc. and Bottomline Technologies have formed a partnership to integrate Bottomline's services-oriented architecture with Intuit's open platform architecture.
As part of the partnership, Bottomline will acquire the commercial banking business from Intuit's financial services segment when the transaction closes.
Terms of the deal, which is expected to close within the next few weeks, were not announced.
The companies said they will work together through cross promotions, referrals and joint sales efforts to deliver solutions for financial institutions of all sizes.
"Improving the solutions and services small businesses and consumers receive from their financial institutions is more than an Intuit strength, it's in our DNA," said CeCe Morken, senior vice president and general manager of Intuit financial services. "This relationship enables us to further concentrate on helping financial institutions better engage these important customer segments and grow. At the same time, our commercial banking customers will benefit from Bottomline's focus and expertise in cash management."
Bottomline will transition its commercial banking solution set to a cloud computing, said Rob Eberle, Bottomline president/CEO. "This will allow us to better serve not only the large banks we currently focus on, but also to offer an extremely attractive proposition for the many medium sized and smaller financial institutions, which make up the majority of the banking market today," he said.
Intuit Inc. is a provider of business and financial management solutions for small and mid-sized businesses; financial institutions, including banks and credit unions; consumers and accounting professionals.
Bottomline Technologies provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks worldwide.