Bill.com a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs), announced it has entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at approximately $2.5 billion.
- A single integrated platform for finance: Divvy is a leader in spend management that modernizes finance for business by combining expense management software and smart corporate cards into a single platform. The acquisition supports Bill.com’s mission and enhances our 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.
- Provider of cloud-based software: Bill.com is a provider of cloud-based software that automates back-office financial operations for small and midsize businesses. The Bill.com platform connects businesses with their suppliers and clients to help them manage their cash inflows and outflows. Top competitors include Tipalti and YayPay. Bill.com delivers financial process efficiency through streamlined accounts payable and accounts receivable management. It reduces data entry and human error by leveraging artificial intelligence (AI) and machine learning.
- Pathway to making a real difference : “Since founding Bill.com, I have been driven by the desire to build solutions that make a real difference for small and mid-sized businesses. 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,” said René Lacerte, Bill.com CEO and Founder. “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.”
- An insightful financial platform: Divvy is a secure financial platform for businesses to manage payments and subscriptions, build strategic budgets, and eliminate expense reports. By integrating real-time tracking for every business transaction, Divvy provides organizations with instant insight into their spending. With Divvy, one can make informed cash flow decisions, curb losses before they happen, and never have to save a receipt again.
- Strategic collaboration for the future: “We are excited to be joining forces with Bill.com to help SMBs grow and thrive by modernizing and transforming their financial operations,” said Blake Murray, Divvy CEO and Co-Founder. “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. Today I’m proud that Divvy is joining Bill.com to bring the one-stop-shop platform that our customers and the market have been asking for.”