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Andera Inc., a Providence, R.I.-based software firm, has acquired oFlows, a San Francisco startup focused on multichannel paperless solutions for loan and financial account openings.
The Rhode Island company, which was founded in 2001, works in the same space as oFlows, with its products and services focused on online consumer marketing, account opening, fraud prevention and software development. Andera develops a subscription-based, software-as-a-service product designed to enable banks to open customer accounts online.
No financial terms of the acquisition were disclosed.
According to a news release, the acquisition will combine Andera’s partnerships, more than 500 customers, and data integration with oFlows’ loan origination history, mobile tech and 12 employeees. The oFlows names will be retained as a product or platform name, but the company will operate as Andera.
Andera announced in October of 2010 that it had raised $9 million in a funding round led by Edison Ventures.
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