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Less than five months after vaulting to a $1.6b valuation, Divvy, an expense reporting startup for small businesses, is in talks to be acquired. Bill.com, a cloud software-based platform that helps small and midsize businesses with back-office financial operations, is Divvy’s expected buyer. The companies may be planning to announce the deal as soon as this week, when Bill.com, which currently carries a market cap of about $12b, is scheduled to report first-quarter earnings.
Last year, Murray, Divvy’s CEO, disputed that it directly competed with such rivals, arguing the market was fast-growing and big enough for multiple players. “When customers get it, they say, ‘Holy crap, this does more than we thought it was going to do,’” he said at the time. But it appears that soon, at least one leading startup in this market will have cashed out.
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