Bill.com, a provider of cloud-based software, announced that it has entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at approximately $2.5 billion.
Divvy focuses on spend management that modernises finance for business by combining expense management software and smart corporate cards into a single platform.
The acquisition will expand the market opportunity for both companies.
Bill.com can offer expense management and budgeting software combined with smart corporate cards to its more-than 115,000 customer base and its network of 2.5 million members.
Meanwhile, Divvy will be able to offer automated payable, receivables, and workflow capabilities to the more-than 7,500 monthly active SMBs that it serves.
Bill.com said in a statement that the acquisition supports its mission and enhances its ability to deliver value to the combined customer base.
Bill.com’s expanded solution will enable businesses to automatically manage accounts payable, accounts receivable, and corporate card spend all in one place, saving them valuable time and money.
With real-time insight into all their B2B spending and access to multiple payment solutions, businesses will be empowered to spend smarter, better manage their budgets and cash flow, and simplify their back-office financial operations.
“Customers have been asking us to help them with their spend management, and I am excited that together with Divvy, we can deliver on that ask, furthering our vision to transform SMB financial operations. Our expanded platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions.
We are excited to work with the talented Divvy team. We have a shared passion for helping SMBs succeed and both companies are driving our customers’ digital transformations. Together, we can further empower SMBs to transition quickly and easily.”
said René Lacerte, Bill.com’s CEO and Founder.
“We are excited to be joining forces with Bill.com to help SMBs grow and thrive by modernizing and transforming their financial operations. At Divvy, our customers are our true north, and they always have been.
As we listened to our customers, we heard them ask for a comprehensive payments platform so that they don’t have to use multiple software systems to manage their finances.”
said Blake Murray, Divvy’s CEO and Co-Founder.
Featured image credit: (L-R) René Lacerte, Bill.com’s CEO and Founder and Blake Murray, Divvy’s CEO and Co-Founder, image from Bill.com
This article first appeared on fintechnews.ch