Bill.com, a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for SMBs, announced it has entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at approximately $2.5b. Divvy is a leader in spend management that modernizes finance for business by combining expense management software and smart corporate cards into a single platform.
“Since founding Bill.com, I have been driven by the desire to build solutions that make a real difference for small and mid-sized businesses. Customers have been asking us to help them with their spend management, and I am excited that together with Divvy, we can deliver on that ask, furthering our vision to transform SMB financial operations. Our expanded platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions,” said René Lacerte, Bill.com CEO and Founder. “We are excited to work with the talented Divvy team. We have a shared passion for helping SMBs succeed and both companies are driving our customers’ digital transformations. Together, we can further empower SMBs to transition quickly and easily.”