Bottomline Technologies to Acquire RI’s Andera


Tuesday, April 01, 2014
GoLocalProv Business Team

Andera Founder, Charlie Kroll
One of Rhode Island's brightest star technology companies has been purchased by New Hampshire-based Bottomline Technology.

The impact on Rhode Island's economy is unknown, but a key player in the acquisition is the head of Bottomline's banking and financial services group and he has deep Rhode Island roots.

The nearly $48 million in cash and stock deal was in part put together by former Fleet Bank Executive and Ed DiPrete Chief of Staff - Norm DeLuca.

Bottomline Technologies (NASDAQ: EPAY) is a leading provider of cloud-based payment, invoice and digital banking solutions.

Brown University's Charlie Kroll

Andera was founded by Brown student Charlie Kroll. The company is a provider of innovative customer acquisition solutions. The company claims, "it has helped its over 500 bank and credit union customers process more than 4.5 million new account applications online".  Andera’s oFlows platform was named “Best of Show” at Finovate four times and Bank Technology News recently named Andera one of the “Top 10 Tech Companies to Watch.” 

"

As the digital channel emerges as customers’ preferred way to do business with banks, financial institutions are investing in web-based technologies to sell, service and engage with their customers. Andera’s market-leading customer acquisition solutions enable financial institutions to accelerate revenue growth through their intuitive online account opening and customer engagement capabilities," said Bottomline's press release.

Norm DeLuca Factor?



“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 DeLuca, General Manager of Banking and Financial Services at Bottomline. DeLuca, a Cranston native, served on DiPrete's staff, then went to Fleet Bank and served in leadership roles at Citizens Bank.



“We are delighted to welcome the customers and employees of Andera to Bottomline,” said Rob Eberle, President and CEO of Bottomline Technologies. “With the acquisition of Andera, we once again extend our portfolio of world-class payments and digital banking solutions."

"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,” said Charlie Kroll, CEO of Andera.

Kroll tells GoLocalProv that the jobs will stay in Rhode Island.



About Bottomline Technologies

Bottomline Technologies (NASDAQ: EPAY) provides cloud-based payment, invoice and digital banking solutions to corporations, financial institutions and banks around the world. The company’s solutions are used to streamline, automate and manage processes involving payments, invoicing, global cash management, supply chain finance and transactional documents. Organizations trust Bottomline to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit http://www.bottomline.com.
 

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