Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and digital banking solutions, today announced it will acquire Andera, a provider of innovative customer acquisition solutions. Andera 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.
“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.
“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.
The acquisition, representing approximately $44.5 million in cash and 102,000 shares of Bottomline stock, will be accretive to Fiscal 2015 core net income. The revenue contribution from the transaction is expected to be $2 million in the fourth quarter of Fiscal 2014 and $10 million in Fiscal 2015. From a core income perspective, the transaction is expected to be 2 cents dilutive in the fourth quarter, break-even in the first quarter of Fiscal 2015 and accretive by 2 cents in Fiscal 2015. Additional financial details of the transaction will be provided on Bottomline’s third quarter Fiscal 2014 earnings conference call.
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 www.bottomline.com.
