In One Day, Two Boston FinTech Startups Exit Via Acquisition

On April 1, 2014, two startups from the greater Boston FinTech cluster were acquired. Both were venture-backed, and both were founded over a dozen years ago.

Andera was the larger of the two deals. Founded by Charlie Kroll in 2001, Rhode Island’s Andera was acquired by New Hampshire-based Bottomline Technologies for $44.5 million in cash and 102,000 shares of Bottomline stock. Andera has 500 bank and credit union customers. One key to their success was their own acquisition of the oFlows customer-on-boarding platform in 2011. Andera raised a total of $9.35 million, the last and biggest round being $9 million coming from Edison Ventures and Slater Technology Fund in 2010.

An account aggregator favored by RIAs, Woburn-based ByAllAccounts was bought by Morningstar for $28 million. A competitor to Yodlee, the company had built a network of more than 4,300 custodians and 40 platform and service providers. Founded in 1999, ByAllAccounts was backed by Commonwealth Capital, which invested $5 million in 2008 and by Castile Ventures, which invested $5 million in 2010. (Castile was not able to raise another fund and no longer makes investments.)

You’ll find some interesting background on ByAllAccounts and on what led to its acquisition by Morningstar here: http://j.mp/1mPtVbd