Andera Scores $48M Price Tag
Online account opening pioneer Andera will be sold to Bottomline Technologies for approximately $48 million in cash and stock.
Andera, launched by CEO Charlie Kroll as an outgrowth of his consulting work with a Providence, R.I., bank, began signing credit unions to its new platform in 2004.
The company expanded into marketing, anti-fraud and compliance solutions, and in 2011 bought oFlows, a San Francisco-based provider of paperless origination solutions. Andera now has more than 500 credit union and bank customers who have processed more than 4.5 million new account applications online, Bottomline said in its announcement Monday.
Based in Portsmouth, N.H., Bottomline is a global provider of cloud-based payment, invoice and digital banking solutions to financial institutions and other corporations.
"Our strategy is to help financial institutions grow by acquiring and deepening customer relationships through digital channels. Andera's innovative solutions will enable our clients to grow revenues and compete and win in digital banking," said Norm DeLuca, general manager of banking and financial services.
Kroll said, “Bottomline's market position as a leading provider in digital banking will allow our company to go to the next level. Jointly, we share a commitment to innovation, the opportunity of the digital channel and to delivering customer delight."
The announced purchase price was approximately $44.5 million in cash and 102,000 shares of Bottomline stock, worth approximately $3.6 million. Bottomline trades as EPAY on Nasdaq.