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Bottomline Technologies to Acquire Andera

The move will add to Bottomline's digital suite of products.

Cloud-based payment, invoice and digital banking solutions provider Bottomline Technologies announced it will acquire customer acquisition solutions Andera.

The acquisition, which totals $44.5 million in cash and 102,000 shares of Bottomline stock, will add to Bottomline's overall digital offerings, the company said. Andera's cloud-based platform, oFlows,offers bank customers the ability to send in identity verifying signatures and documents to open accounts in digital and mobile channels.

"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 at Bottomline, in a statement.

Additional financial details of the transaction will be provided on Bottomline's third quarter Fiscal 2014 earnings conference call, the company said.

[See Also: Umpqua Bank Implements Andera Online Account Opening Solution]

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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Bank Systems & Technology - August 2014
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