DA Davidson Raises Price Target on Bottomline Tech (EPAY) Following Acquisition of Allegient

DA Davidson maintained its Neutral rating on shares of Bottomline Technologies (Nasdaq: EPAY) as investors have already priced in the acquisition of Allegient Systems, a former competitor of the company.

The firm is raising its price target on shares of EPAY from $22 to $26.

The acquisition extends EPAY’s Legal eXchange portfolio and removes an industry competitor. The deal was expected to cost $48 million in cash and is estimated to close April 1. Allegient Systems brings partnerships with Cisco (Nasdaq: CSCO), International Business Machines (NYSE: IBM), Dell (Nasdaq: DELL), Oracle (Nasdaq: ORCL), and Verizon (NYSE: VZ).

The firm reports that subsequent to the end of the December quarter, the company has announced three different transactions, one being the acquisition of Direct Debit Limited, another an asset purchase from Business Information Technology Group, long with the acquisition of Allegient Systems.

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