Slater Technology Fund Reinvests in Fast-Growing IT Company

Online Banking Technology Startup Andera Receives Second Round of Funding

Providence, RI, May 8, 2007 – Slater Technology Fund announced today that it has provided a second round of funding to Providence-based financial technology company Andera to accelerate its product development. A recognized leader in the integrated account opening market, Andera provides automated online account opening and funding technologies for retail financial institutions.

Andera has been developing web-based account opening and funding technology for the bank and credit union markets since its founding in 2000. By the close of 2006, the company had more than 100 customers, nearly double its total from the previous year, and more than any competitive vendor according to a recent report from analyst firm Aite Group.

In 2007, the company has continued its aggressive growth. Andera recently announced the successful completion of the SAS70 Type II Audit, a rigorous examination based on a set of internationally recognized auditing standards developed by the American Institute of Certified Public Accounts and used to assess a service organization’s internal controls for protecting customer data. Earlier this month, the company also announced a strategic alliance with S1 Corporation, a leading global provider of customer interaction and payment solutions. All of S1’s banking solution customers are now able to open and fund accounts online using Andera’s integrated technology.

“Andera has more than proven itself a well-managed company with a viable business model,” said Thorne Sparkman, managing director of the Slater Technology Fund. “Charlie Kroll is an intuitive leader with a terrific eye for innovation and opportunity. We know Andera will continue to grow under his guidance and we are pleased to have the chance to help further its success.”

“We have worked extremely hard to develop a very robust, yet focused solution,” said Andera CEO Charlie Kroll. “Relatively new, the online account opening market is still growing rapidly. We are looking forward to accelerating our lead in the market as the popularity of integrated account opening and funding increases.”

About Slater Technology Fund
The Slater Technology Fund supports the development of emerging industries with potential for significant long-term growth within the State of Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.

About Andera
Andera is the leader in integrated account opening technologies for retail financial institutions. Dedicated to helping banks and credit unions use the Web as a tool for sales and growth, Andera offers a suite of integrated products and services for automated online account opening, funding, and cross-selling. Andera is headquartered in Providence, R.I. and can be found on the Internet at www.andera.com.

For More Information
Laura Nelson
SVM Public Relations
401-490-9700
laura.nelson@svmpr.com