Accounting
Bill.com Acquires Divvy
Bill.com, a provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs), announced today it has completed its acquisition of Divvy, a leader in spend ...
Jun. 01, 2021
Bill.com, a provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs), announced today it has completed its acquisition of Divvy, a leader in spend management, for approximately $2.5 billion in stock and cash.
“We are thrilled to welcome the Divvy team to Bill.com,” said René Lacerte, Bill.com CEO and Founder. “Together, we can help SMBs manage all their B2B spend and workflow with one simple solution, saving them valuable time and money and providing real-time insight into their spend and cash flow. With the elegant spend management solution that the Divvy team brings, their dedication to serving SMBs, and their passion for driving innovation, together we can accelerate our vision to help SMBs transform, grow, and thrive by automating their financial operations.”
“We are excited to join Bill.com and offer our customers and millions of businesses a comprehensive payments solution that saves them time and money,” said Blake Murray, Divvy CEO and Co-Founder. “We have a shared vision to be the one-stop shop for credit and financial software. Together we achieve that vision faster and are better able to serve business owners and finance leaders.”
The acquisition of Divvy supports Bill.com’s mission to make it simple to connect and do business. The expanded solution will enable businesses to digitally transform their financial operations and automatically manage accounts payable, accounts receivable, and corporate card spend all in one place. 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.
“We see the combination of Bill.com and Divvy as potentially very valuable to small and mid-sized businesses because it creates a single software company focused on helping them to manage, track and control all their business to business spending versus them having to stitch together a number of point solutions,” said Kevin Permenter, Research Manager at IDC.