Optio Software (OTC BB: OPTO) is being acquired by Bottomline Technologies for $44.9 million, the companies disclosed Monday.

Bottomline (Nasdaq: EPAY)will pay $1.85 per share for Optio. Optio develops software for business and healthcare applications.

Bottomline focuses on electronic payment and invoicing technology.

"Bottomline and Optio Software share a common vision for how organizations can improve the performance of critical business functions by replacing manual, paper-based processes with automation, while improving accuracy every step of the way," said Wayne Cape, chief executive officer at Optio Software. "We believe that the combination of the two organizations, with their complementary solutions, extensive domain expertise and broad customer bases, will create exciting new opportunities for customers seeking to optimize their document-intensive processes."