Bottomline Technologies (Nasdaq: EPAY), a leading provider of
financial technology that makes complex business payments simple,
smart and secure, today announced that it has agreed with
shareholders Clearfield Capital Management LP and Sachem Head
Capital Management LP to appoint to its Board of Directors Philip
Hilal, managing partner of Clearfield, Larry Klane, Co-Founding
Principal of Pivot Investment Partners LLC, and Michael Curran, an
experienced senior financial services executive. With these
appointments, which are effective November 8, 2021, the Bottomline
Board will be expanded to eleven directors.
Bottomline also announced that the Board has
formed a new Strategy Committee responsible for evaluating and
making recommendations with respect to the Company’s market
position and strategy, acceleration of subscription revenue growth
and opportunities to create additional shareholder value.
Joe Mullen, Chairman of the Bottomline Board,
said, “We are excited to welcome Mike to the Bottomline Board. His
30 years of experience in the financial services industry, much of
which was oriented around corporate payments, and deep knowledge of
our business and operations, make him a valuable addition.”
“We are also pleased to have Phil and Larry join
our Board as new directors,” continued Mr. Mullen. “Phil brings
valuable expertise and perspective as one of Bottomline’s
significant shareholders, and Larry provides unique counsel from
his leadership experience in the financial services industry. The
addition of Mike, Phil and Larry to Bottomline’s Board underscores
our ongoing commitment to bring fresh perspectives into the
boardroom. Bottomline continues to make important progress towards
its goal of sustainable subscription revenue growth and
capitalizing on the opportunities ahead in the large and growing
B2B payments market, and we are confident our entire Board is
committed to driving value for all shareholders.”
Mr. Hilal said, “We thank the Bottomline Board
for its constructive engagement as we pursue our shared goal of
creating meaningful value for all Bottomline stakeholders,
including its customers, channel partners, employees and
shareholders. We see exceptional value in Bottomline’s portfolio
overall, and tremendous potential in the Company’s high-growth B2B
payments assets in particular. I look forward to working with the
Strategy Committee and the full Board to help Bottomline achieve
its full potential.”
Scott Ferguson, managing partner of Sachem Head,
stated, “We welcome the additions of Mike, Phil and Larry to the
Board. There is tremendous value in Bottomline’s business, and we
look forward to the Strategy Committee’s evaluation of the
Company’s growth opportunities.”
About Mike Curran
Mr. Curran, 66, previously served on the
Bottomline Board of Directors from 2006 to 2016 and held the
position of Chairman of the Leadership Development and Compensation
Committee. Until his recent retirement, Mr. Curran was Lead Market
Executive at Bank of America, overseeing 91 U.S. local market teams
in driving strategic initiatives supporting the brand and
delivering capabilities to Bank of America clients and communities.
In this position, he also led the Connecting Communities, Community
Banking initiative, responsible for Bank of America’s tailored,
community-centered approach to match resources with the needs of
clients and small businesses in low- and moderate-income
communities to help foster economic mobility. Prior to his most
recent position at Bank of America, Mr. Curran served as Executive
Vice President and Managing Director, Corporate Banking Services at
Banco Santander from January 2009 to June 2013 and as Executive
Vice President, Global Solutions Group of Sovereign Bank, from June
2007 to January 2009. From March 1995 to April 2006, Mr. Curran
served as Executive Vice President, Global Treasury Services of
Bank of America. Prior to his tenure at Bank of America, he was
Executive Vice President at FleetBoston Financial Corporation,
where he managed the bank's Cash Management, Corporate Trust,
Government Banking and Financial Institutions lines of business and
was a member of the bank's Leadership Advisory Group, Payments
Council, Corporate Diversity Council, and a trustee of the
FleetBoston Financial Foundation. Prior to joining FleetBoston, Mr.
Curran served as the business unit manager for structured finance
at Chemical Bank and held several management positions at
Manufacturers Hanover Trust Co. in both New York and London.
Mr. Curran holds a B.A. from Colgate
University.
About Philip Hilal
Mr. Hilal, 45, is the Founder of New York-based
Clearfield Capital Management, a special-situations hedge fund
employing intensive fundamental research and concentrated portfolio
management. Prior to launching Clearfield in 2015, Mr. Hilal worked
at Kingdon Capital Management as a global generalist, managing long
and short investments in equity, debt and derivative instruments
across industries and geographies using a deep-fundamental-research
approach. From 2003 to 2006, he worked at Davidson Kempner Capital
Management, where he focused on event-driven equity and credit
investments. Mr. Hilal began his career at Goldman Sachs, where he
held various positions including private equity, venture capital
and investment banking.
Mr. Hilal holds an M.B.A. from Harvard Business
School and a B.A. from Yale University, Phi Beta Kappa and magna
cum laude.
About Larry Klane
Mr. Klane, 61, is a Co-Founding Principal of
Pivot Investment Partners LLC, an investment firm that is
exclusively focused on financial technology and financial services
companies. Prior to co-founding Pivot in 2014, Mr. Klane was the
Global Financial Institutions Leader at Cerberus Capital
Management, where he worked to maximize the value of the firm’s
financial services activities, including new transactions and
existing portfolio of companies. He served on Board of Directors of
Aozora Bank, a publicly-traded bank in Japan in which Cerberus held
a controlling interest.
He joined Cerberus from Korea Exchange Bank, a
leading publicly-traded Korean commercial and retail bank, where he
served as Chair and CEO. Before that, Mr. Klane was President of
the Global Financial Services division of Capital One Financial
Corporation. He currently serves as a director of Navient
Corporation, a public company that is the leading provider of
education loan management in the United States; The Real Brokerage
Inc., a public company that is a technology-driven national real
estate brokerage platform; and Goldman Sachs Bank USA, which is
Goldman Sachs’ principal regulated banking subsidiary. He
previously served on the Board of Directors of Nexi Group S.p.A,
VeriFone Systems, Inc., Ethoca Limited and Aozora Bank.
Mr. Klane holds an M.B.A. from Stanford Graduate
School of Business and a B.A. from Harvard University.
About Bottomline
Technologies
Bottomline Technologies (Nasdaq: EPAY) makes
complex business payments simple, smart, and secure. Corporations
and banks rely on Bottomline for domestic and international
payments, efficient cash management, automated workflows for
payment processing and bill review, and fraud detection, behavioral
analytics and regulatory compliance solutions. Thousands of
corporations around the world benefit from Bottomline solutions.
Headquartered in Portsmouth, NH, Bottomline delights customers
through offices across the U.S., Europe, and Asia-Pacific. For more
information visit www.bottomline.com.
Cautionary Language
This press release may contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding, our
expectations about our ability to execute on our strategic plans,
achieve future growth and profitability, achieve financial goals,
expand margins and increase shareholder value. Any statements that
are not statements of historical fact (including but not limited to
statements containing the words “likely,” “should,” “may,”
“believes,” “plans,” “anticipates,” “expects,” “forecasts,” “look
forward,” “opportunities,” “confident,” “trends,” “future,”
“estimates,” “targeted,” "on track," and similar expressions)
should be considered to be forward-looking statements. Statements
about the effects of the current and near-term market and
macroeconomic environment on Bottomline, including on its business,
operations, financial performance and prospects, may constitute
forward-looking statements, and are based on assumptions that
involve risks and uncertainties that are subject to change based on
various important factors (some of which are beyond Bottomline's
control). Actual results may differ materially from those indicated
by such forward-looking statements as a result of various important
factors including, among others, competition, market demand,
technological change, strategic relationships, recent acquisitions,
international operations and general economic conditions, including
the potential effects of the COVID-19 pandemic on any of the
foregoing. For additional discussion of factors that could impact
Bottomline Technologies' operational and financial results, refer
to our Form 10-K for the fiscal year ended 2021.
Contact:Joele Frank, Wilkinson
Brimmer KatcherMatt Sherman / Kara Brickman212-355-4449
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