Bottomline Technologies, a Thoma Bravo portfolio company, has put its legal spend management unit—a group that provides legal billing review, invoice processing, and data trend analysis—up for sale, according to four banking and private equity firms.
Bottomline has hired advisors to run a process, they said. Customers of the Bottomline unit include property and insurance carriers, third-party administrators, and self-insured clients.
The Bottomline legal spend business produces more than $50 million EBITDA and could sell for 15 times or $750 million, two of the people said.
Thoma Bravo, a private equity firm led by CEO Orlando Bravo, closed its $2.6 billion buy of Bottomline in 2022. Corporations and financial institutions use Bottomline's products for global business payments, digital banking, cash management, and fraud detection as well as other services.
Thoma Bravo and Bottomline declined comment.
Separately, the scheduling software firm Schedulicity, which went up for sale earlier this year, has found a buyer, Fortune has learned. Vagaro, which is backed by FTV Capital, is acquiring Schedulicity.
In 2010, Jerry Nettuno launched Schedulicity, an app that lets users discover and book local services in the hair, beauty and wellness industry. Schedulicity has raised about $47 million in funding, according to Crunchbase.
The much bigger Vagaro also provides appointment scheduling software for salon, spa and fitness. Vagaro has raised $163 million in funding. FTV, a growth equity firm, first invested in Vagaro in 2018 and, in 2021, FTV led a funding round for Vagaro that valued the company at $1 billion.
Schedulicity, FTV, and Vagaro did not return messages for comment.
