Bottomline Technologies starts $20 M stock buyback

Associated Press

PORTSMOUTH, N.H. (AP) — Cloud-based payment and invoice company Bottomline Technologies Inc. said Friday that its board has approved a $20 million share buyback, a decision that could reward current shareholders.

Companies often buy back their own stock to reward those who already own their stock. Decreasing the number of shares on the market can make remaining shares more valuable.

Bottomline Technologies allows companies to perform payment and invoice operations on remote, or "cloud-based," computer networks.

Shares of Bottomline Technologies rose 19 cents to $18.51 in afternoon trading. The stock has traded between $17.05 and $29.90 over the last 52 weeks.