Thoma Bravo has agreed to buy payments firm Bottomline Technologies in an all-cash deal that values the company at about $2.6 billion.

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Bottomline shareholders will receive $57 per share, according to a statement, or almost 17% higher than Thursday’s closing price. It’s about 42% above the closing price on Oct. 19, when Portsmouth, New Hampshire-based Bottomline said it had formed a strategy committee.

“As the digital transformation of business accelerates, we see tremendous opportunity for Bottomline to continue capitalizing on its unique position, particularly in the large and growing B2B payments market,” Holden Spaht, a managing partner at Thoma Bravo, said in the statement.

Private equity firms and large payments processors have been hunting for deals in the sector, which has been consolidating for years as businesses and individuals migrate away from cash.

Deutsche Bank AG was Bottomline’s financial adviser and Bank of America Corp. advised Thoma Bravo.