GREENSBORO–APEX Analytix, which sells recovery auditing services and software to Fortune 500 companies, has acquired Minnesota-based Bottom Line Enhancement Services in a stock and cash deal of an undisclosed amount.

APEX said its minority investors, Atlanta-based Noro-Moseley Partners and Charlotte-based Wakefield Group contributed $3.5 million in additional equity to the deal. RBC Centura provided debt financing to complete the transaction.

The deal gives Greensboro-based APEX the second largest customer base in the recovery audit industry, including 26 of the Fortune 100 companies.

The company says the acquisition dramatically expands its presence in the retail audit secotor. APEX gains 85 new employees and six offices across the United States and Canada.

“Bottom Line is a perfect fit with our vision of changing the recovery audit business,” APEX Analytix Chief Executive Officer Michael Lustig said.

“As leading companies migrate from retrospective recovery audits to partnership audits and the proactive prevention of errors through technology, APEX is positioned as the leading player in this space.

“Bottom Line, with its “First Strike” technology solution and deep retail expertise, complements our current service offering, and will accelerate our delivery of new products and services to the marketplace.”

Kent Buttelmann, president and chief executive officer of BL, said he’s known APEX Founder and Chief Technology Officer Jim Arnold for nearly 10 years.

“We are a healthy, growing and successful business, and by combining our companies we can realize our mission of changing the industry,” Buttelmann said. “We are both agents of change and realize the role technology plays in the recovery audit field.”

Arnold said both companies share the same customer-centric philosophy, and that by joining forces the combined company will continue to redefine the recovery audit space.

APEX Analytix, founded in 1988, is the only recovery audit company that focuses on the entire procure-to-pay business cycle, giving large enterprise level companies critical insights into every step.

APEX has been recognized as an Inc. 500 company in 1999; Verizon’s Supplier of Excellence Award in June of 2000; the 2002 Blue Chip Business Award; the 2003 Deloitte & Touche North Carolina Fast 50; the NCEITA 2003 Mid-Sized Company of the Year; and was named to the Triad Fast 50 list from 2001-2003.