Cloud-based financial operations management platform Bill.com has acquired spend management unicorn Divvy in a $2.5bn deal.
The stock and cash deal was completed to support Bill.com’s goal to offer greater value to its customer base.
Through the combined solution, businesses will be able to automatically manage accounts payable, accounts receivable and corporate card spend all in a single location. With real-time insight into their B2B spending and access to multiple payment solutions, clients will be able to spend smarter, manage budgets and cash flow, and simplify back-office operations.
The combined company will have an expanded market opportunity, with it now boasting a customer base of over 115,000 and a network of 2.5 million members, it claims.
Bill.com CEO and founder René Lacerte said, “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.”
Divvy was recently valued at $1.6bn following the close of a $165m Series D round in January 2021.
Divvy CEO and co-founder Blake Murray said, “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.”
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