Extends platform with leading spend
management capabilities
Creates a one-stop shop solution for SMBs to
automate their financial operations and manage all their B2B
spend
Bill.com (NYSE:BILL), a leading 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.
Testimonials
"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." -- Kevin
Permenter, Research Manager at IDC
“Bill.com and Divvy are both really easy to use and tailor-made
for small businesses. I'm excited that two tools that I love are
coming together.” -- Nik Hurley, Finance Manager, Bloom Credit
“Bill.com and Divvy have both played a huge role in transforming
our office operations while also significantly impacting our
employee culture. Being a distributed workforce across multiple
cities and countries, we needed digital solutions that supported
our critical back-end functions while also supporting employee
perks with the benefits of fund allocations. I’m excited to see
this acquisition as Bill.com builds an all-in-one financial shop,
creating a streamlined solution to manage financial workflows and
transactions. If it isn’t already, Bill.com should be a part of
every B2B business’ tech stack both for finance and operations.” --
Jim Benton, CEO, Chorus.ai
“A key benefit of both products is our ability to have a
controlled budget in one place. The result? It saves room in my
head and leaves more time for compliance, timelines, and production
schedules.” -- Hunter Thompson, Head of Operations at Golden
Ratio
“The Bill.com Divvy acquisition is the first time that two
really solid products are coming together -- the combination has
the potential to be industry changing.” -- Dan Luthi, COO, Ignite
Spot Accounting
“Together these products deliver a win-win for our firm and our
clients. EisnerAmper’s value proposition is focused on providing
efficiency and value to our clients, so they can focus on their
business. The brand and quality of service that Bill.com delivers
combined with a great spend management product like Divvy will help
us automate the flow of bills and expenses into one.” -- John
DeLalio, Managing Director, EisnerAmper
Transaction Information
Bill.com intends to provide a financial update on its regularly
scheduled fourth quarter earnings call. Goldman Sachs & Co. LLC
served as financial advisor and Fenwick & West LLP served as
legal counsel to Bill.com. Financial Technology Partners (FT
Partners) served as strategic and financial advisor and Morrison
& Foerster LLP served as legal counsel to Divvy.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains forward-looking statements relating
to expectations, plans, and prospects including expectations
relating to the benefits that will be derived from this
transaction. These forward-looking statements are based upon the
current expectations and beliefs of Bill.com’s management as of the
date of this release, and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements including,
without limitation, the risk of adverse and unpredictable
macro-economic conditions, risks related to the ability of the
parties to satisfy the closing conditions in a timely fashion or at
all, and risks related to the integration of the companies. All
forward-looking statements in this press release are based on
information available to the Company as of the date hereof, and
Bill.com disclaims any obligation to update these forward-looking
statements.
About Bill.com
Bill.com is a leading provider of cloud-based software that
simplifies, digitizes, and automates complex, back-office financial
operations for small and midsize businesses. Customers use the
Bill.com platform to manage end-to-end financial workflows and to
process payments. The Bill.com AI-enabled, financial software
platform creates connections between businesses and their suppliers
and clients. It helps manage cash inflows and outflow. The company
partners with several of the largest U.S. financial institutions,
the majority of the top 100 U.S. accounting firms, and popular
accounting software providers. Bill.com has offices in San Jose,
California and Houston, Texas. For more information visit
www.bill.com.
About Divvy
Divvy modernizes finance for business by combining expense
management software and smart corporate cards into a single
platform. With Divvy, finance leaders get real-time visibility into
their company spend and flexible controls that prevent teams from
ever going over budget. By providing the capital and financial
software they need, Divvy helps businesses in every industry to
thrive. Divvy is headquartered in Draper, Utah. For more
information visit https://getdivvy.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210601005911/en/
IR Contact: Karen Sansot ksansot@hq.bill.com
Press Contact: Oriana Branon obranon@hq.bill.com
619-997-0299
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