Andera Acquisition to Bolster Bottomline's Digital Banking Business
Bottomline Technologies (EPAY) has wrapped up its acquisition of software company Andera Inc.
The deal is valued at $44.5 million in cash, plus 102,000 shares of Bottomline stock. It also marks an exit for Edison Partners, which acquired Andera in September 2010 for $7.5 million.
Headquartered in Providence, Rhode Island, Andera sells software that allows banking customers to originate and fund new accounts and loans from mobile devices.
The company, which was founded by CEO Charlie Kroll in 2000, began as a web development company in Kroll's Brown University dorm. Since then, Andera has amassed more than 500 bank and credit union customers and purchased other financial technology companies, including oFlows. The company picked up the San Francisco developer of paperless origination services software in late 2011. The acquisition allowed Andera to expand its mobile capabilities to include a touchscreen that lets customers sign forms with their fingers.
In October 2012, Mergers & Acquisitions' sister publication Bank Technology News named Andera one of the "Top 10 Tech Companies to Watch."
Andera is the second acquisition for Bottomline in 2014 as the financial technology company and its competitors continue to wield M&A as a way to enhance both online and mobile offerings.
In January, the Great Neck, New York company bought Rationalwave Analytics Inc. in January for $1.2 million in cash. Rationalwave, based in Brooklyn, New York, is a provider of predictive analytics services.