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Edison Ventures exits Andera to Bottomline for $44.5m, buyer stock

8 May 2014

mobile paymentEdison Ventures has sold mobile loan software business Andera to Bottomline Technologies for $44.5m in cash and 102,000 Bottomline shares.

The sale generated “attractive” returns for Edison, the firm said, although it did not go into specifics. Co-founder John Martinson is yet to respond to an emailed request for comment.

Andera sells software allowing banking customers to originate and fund new accounts and loans from mobile devices.

Edison managing partner Chris Sugden said, “Charlie Kroll and the Andera management team had the domain expertise to build an impressive industry leader.

“Entrepreneurial dedication, product innovation and exceptional customer support enabled Andera to outpace its competition.”

Edison recently received a 14-times return from the sale of its investment in Nasdaq-listed tax preparation company Liberty Tax Service.

Edison backed Liberty Tax Service with a $3.3m investment in July 2012 and received $45m from the exit.

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