Bill.com to Acquire Invoice2go, a Leader in Accounts Receivable Software for Small Businesses
July 19 2021 - 9:00AM
Business Wire
Mobile-first AR solution empowers businesses
to transact from anywhere
Expands Bill.com’s footprint to serve
international markets
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 signed a definitive agreement to acquire
Invoice2go in a stock and cash transaction valued at approximately
$625 million. Invoice2go is a leading, mobile-first accounts
receivable (AR) software provider that empowers small businesses
and freelancers to grow their client base, manage invoicing and
payments, build their brand, and much more. With offices in Sydney,
Australia and Palo Alto, California, Invoice2go serves a large
global customer base of small businesses.
The acquisition will enhance Bill.com’s current accounts
receivable offering and supports Bill.com’s mission to make it
simple to connect and do business. Invoice2go’s AR solution makes
it easy for businesses to engage and interact with their customers,
generate professional invoices, and simplify their AR operations
through mobile and desktop solutions. Combined with Bill.com’s
platform and payments expertise, there is a significant opportunity
to help businesses get paid faster and more conveniently with
electronic payments.
“We are investing to accelerate the adoption of our accounts
receivable offering. The acquisition of Invoice2go will bring a
leading product and a very talented team to Bill.com. It supports
our strategy to invest in our platform to be a one-stop shop
solution for businesses to transform their financial operations,
make and receive payments, and manage their cash flow. Invoice2go’s
international team and customer base will enable us to serve more
businesses around the globe,” said René Lacerte, Bill.com CEO and
Founder.
“Most small business transactions today are made with paper
checks. Yet we know from our customers that there is strong
momentum to digitally transform and adopt e-payments. Our payments
expertise and go-to-market capabilities combined with Invoice2go’s
product capabilities can make it even easier for businesses to get
paid quickly and electronically. Between Bill.com and Invoice2go,
there are billions of dollars of invoices being sent annually that
can be enabled for electronic payments,” concluded Mr. Lacerte.
“We are thrilled to join forces with Bill.com,” said Mark
Lenhard, CEO of Invoice2go. “Combining Bill.com’s market-leading
payments platform and broad market reach with Invoice2go’s deep AR
expertise provides a unique opportunity to offer SMBs and
freelancers a powerful platform to streamline their day-to-day
financial operations and control their cash flow. I am equally
excited for employees of both organizations who share a culture
that prioritizes delivering innovation and exceptional customer
value for all small business owners.”
Details Regarding the Proposed Acquisition
The transaction has been approved by the Boards of Directors of
both Invoice2go and Bill.com, and is expected to close by the end
of this calendar year, subject to receipt of regulatory approvals
and other customary closing conditions.
Bill.com will acquire Invoice2go for approximately $625 million
(75% in Bill.com Common Stock and 25% in cash), subject to
customary adjustments for transactions of this nature.
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, risks related to: (i) failure of Invoice2go to
obtain stockholder approval as required for the proposed
transaction; (ii) failure to obtain governmental and regulatory
approvals required for the closing of the proposed transaction, or
delays in governmental and regulatory approvals that may delay the
transaction or result in the imposition of conditions that could
reduce the anticipated benefits from the proposed transaction or
cause the parties to abandon the proposed transaction; (iii)
failure to satisfy the conditions to the closing of the proposed
transactions; (iv) successful completion of the transaction; (v)
unexpected costs, liabilities or delays in connection with or with
respect to the proposed transaction; (vi) the effect of the
announcement of the proposed transaction on the ability of Bill.com
or Invoice2go to retain and hire key personnel and maintain
relationships with customers, suppliers and others with whom
Bill.com or Invoice2go does business, or on Bill.com’s or
Invoice2go’s operating results and business generally; (vii) the
outcome of any legal proceeding related to the proposed
transaction; (viii) the challenges and costs of integrating,
restructuring and achieving anticipated synergies and benefits of
the proposed transaction and the risk that the anticipated benefits
of the proposed transaction may not be fully realized or take
longer to realize than expected, including the challenges and costs
to Bill.com of integrating both Invoice2go and its
recently-acquired DivvyPay, LLC. subsidiary; (ix) competitive
pressures in the markets in which Bill.com and Invoice2go operate;
(x) the occurrence of any event, change or other circumstances that
could give rise to the termination of the merger agreement; and
(xi) other risks to the consummation of the proposed transaction,
including the risk that the proposed transaction will not be
consummated within the expected time period or at all. 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 is headquartered in San
Jose, California. For more information visit www.bill.com.
About Invoice2go
Invoice2go is a technology company that empowers freelancers and
small businesses with straightforward tools that simplify their
day-to-day workflow. Our software enables users to grow their
client base, manage invoicing and payments, maintain financial
wellness, build their brand, and much more. To create a free
account, go to https://invoice.2go.com, or download from the Apple
App Store or Google Play.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210719005226/en/
IR Contact: Karen Sansot ksansot@hq.bill.com
Press Contact: Oriana Branon obranon@hq.bill.com
619-997-0299
BILL (NYSE:BILL)
Historical Stock Chart
From Mar 2024 to Apr 2024
BILL (NYSE:BILL)
Historical Stock Chart
From Apr 2023 to Apr 2024