After a long cold winter, warmth and sunshine are finally coming back — and M&A activity is heating up right along with it. The frenzy in financial services isn’t limited to the banks. Vendors have caught the bug too.
Andera, the online account-opening specialist, will be acquired by cloud-banking provider Bottomline Technologies, the companies announced yesterday. The quoted price was approximately $44.5 million in cash and 102,000 shares of Bottomline stock.
Andera has 500 bank and credit union customers and is known for its award-winning oFlows customer-onboarding platform. Andera’s advances in mobile account originations and use of imaging technology have made it newsworthy of late in the financial innovation sector.
“With the acquisition of Andera, we once again extend our portfolio of world-class payments and digital banking solutions,” said Rob Eberle, president and CEO of Bottomline, in a press release.
Bottomline serves over 10,000 customers across financial services and many other industries. 3,000 customers use its payments and invoicing platform.
This news follows the acquisition of Banno by Jack Henry & Associates in early March.
Bottomline Technologies is located in Portsmouth, N.H. Andera is in Providence, R.I.