Home Banking Invoice.com acquires spend administration agency Divvy in $2.5bn deal

Invoice.com acquires spend administration agency Divvy in $2.5bn deal

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Invoice.com, a supplier of cloud-based back-office fee software program, is ready to accumulate Divvy in a inventory and money transaction valued at round $2.5 billion.

Invoice.com is paying $625 million in money as a part of the deal

The agency is shopping for Utah-based Divvy for about $625 million in money and $1.875 billion of frequent inventory.

Spend administration specialist, Divvy, claims to modernise finance for enterprise by combining expense administration software program and good company playing cards right into a single platform.

Invoice.com says the acquisition helps its mission and enhances its potential to ship worth to a mixed buyer base.

The agency says its newly expanded answer will allow companies to “mechanically handle accounts payable, accounts receivable, and company card spend multi function place”.

“Prospects have been asking us to assist them with their spend administration,” says Invoice.com CEO René Lacerte.

“Our expanded platform will present extra automation and real-time data to [small businesses], enabling them to make extra knowledgeable selections.

“We now have a shared ardour for serving to [small businesses] succeed and each corporations are driving our prospects’ digital transformations. Collectively, we are able to additional empower them to transition rapidly and simply.”

The deal is predicted to shut by the tip of Invoice.com’s first fiscal quarter ending 30 September 2021. The agency says its mixture will increase the market alternative for each corporations.

Invoice.com will provide expense administration and budgeting software program mixed with good company playing cards to its 115,000 sturdy buyer base and community of two.5 million members.

Divvy will provide automated payable, receivables, and workflow capabilities to the more-than 7,500 month-to-month lively prospects that it serves.

“At Divvy, our prospects are our true north, and so they all the time have been,” says Blake Murray, Divvy CEO.

“As we listened to our prospects, we heard them ask for a complete funds platform in order that they don’t have to make use of a number of software program techniques to handle their funds.

“Right this moment I’m proud that Divvy is becoming a member of Invoice.com to convey the one-stop-shop platform that our prospects and the market have been asking for.”

Associated: Bill.com edges closer to profitability, shares up 30%

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