Lawrenceville-based investment firm Edison Ventures announced Wednesday that Andera Inc. has been acquired by Bottomline Technologies for $44.5 million and 102,000 shares of Bottomline stock.
The sale to Bottomline, a provider of cloud-based payment, invoice and digital banking solutions to corporations, financial institutions and banks, generated a large return for Edison Ventures, the firm said. The return was not disclosed.
Edison, a company that partners with entrepreneurs, service providers and other financing sources, helps build successful companies by providing capital and value-added services to late stage information technology businesses, the firm said.
“We thank the entire Edison team for their support and significant contribution to the growth of our company,” Charlie Kroll, Providence, R.I.-based Andera’s founder and CEO, said in a prepared statement. “Their strategic and practical advice helped Andera anticipate and solve many business challenges.”
Other successful investments by Edison include Billtrust, Business Financial Services, Compliance Science, EdgeTrade, Folio Dynamix, Gain Capital, Liberty Tax, Princeton Financial System, Neat Company, Redvision, Scivantage and Trader Tools.
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Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.
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