July 21, 2024

Business Active

business the management

Monthly bill.com purchases Divvy for $2.5B

2 min read

Invoice.com has agreed to acquire Divvy in a deal valued at $2.5 billion.

Divvy makes commit administration methods that combine expenditure management application and clever company playing cards into a solitary system.

The acquisition will give Bill.com users an expanded resolution for managing accounts payable, accounts receivable and corporate card devote all in a person spot. Company users will be in a position to obtain true-time insights into their B2B spending and access to a number of payment alternatives.

Invoice.com will give expenditure management and budgeting application, combined with good company playing cards, to its a lot more than 115,000 consumers and its network of 2.5 million users. Divvy will be equipped to provide automatic payable, receivable and workflow capabilities to the extra than 7,500 month-to-month energetic SMBs that it serves.

“Since founding Bill.com, I have been driven by the wish to establish answers that make a authentic distinction for modest and midsized corporations,” mentioned Invoice.com CEO and founder René Lacerte in a statement. “Customers have been inquiring us to support them with their spend administration, and I am thrilled that with each other with Divvy, we can supply on that ask, furthering our eyesight to rework SMB economic operations. Our expanded platform will give more automation and authentic-time info to SMBs, enabling them to make a lot more informed conclusions.”

Invoice.com will receive Divvy for somewhere around $625 million in income and $1.875 billion of Bill.com stock, matter to changes.

“We are thrilled to be joining forces with Bill.com to aid SMBs increase and thrive by modernizing and transforming their money functions,” extra Divvy CEO and co-founder Blake Murray also in a assertion. “At Divvy, our shoppers are our true north, and they usually have been.”

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