![]() Today I’m proud that Divvy is joining to bring the one-stop-shop platform that our customers and the market have been asking for,” said Blake Murray, Divvy CEO and Co-Founder. By providing the capital and financial software they need, Divvy helps businesses in every industry to thrive. As the preferred spend and expense management solution of CPA.com, Divvy, a company, provides a new model for spend and expense management paired. ![]() As we listened to our customers, we heard them ask for a comprehensive payments platform so that they don’t have to use multiple software systems to manage their finances. At Divvy, our customers are our true north, and they always have been. The cloud-based software provider for small and medium-sized businesses (SMBs) acquired accounting fintech Divvy for 2.5 billion in a stock and cash transaction, per a press release. “We are excited to be joining forces with to help SMBs grow and thrive by modernize ing and transforming their financial operations. Divvy will be able to offer automated payable, receivables, and workflow capabilities to the more-than 7,500 monthly active SMBs it serves. can offer expense management and budgeting software combined with smart corporate cards to its more-than 115,000 customer base and its network of 2.5 mn members. The combination is expected to expand the market opportunity for both companies. With Divvy, employers can give employees direct access to funds, effectively eliminating expense reports and retroactive reimbursements. It’s fused with a smart corporate credit card to provide instant visibility and control of company-wide spending. Together, we can further empower SMBs to transition quickly and easily,” said René Lacerte, CEO and Founder. Divvy is a leading spend and expense management platform for business. We have a shared passion for helping SMBs succeed and both companies are driving our customers’ digital transformations. We are excited to work with the talented Divvy team. Our expanded platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions. 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. Divvys website also explains that the company offers AP automation, with a click on this service redirecting to parent company,, which purchased. “Since founding, I have been driven by the desire to build solutions that make a real difference for small and mid-sized businesses. 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. The firm’s expanded solution will enable businesses to automatically manage accounts payable (AP), accounts receivable (AR), and corporate card spend all in one place, saving them time and money. The acquisition supports ’s mission and enhances its ability to deliver value to the combined customer base. ll of your bills, invoices, and receipts are electronically stored on.Multiple employees can be setup. ![]() The firm in January raised $165 mn in Series D funding round bringing its valuation to $1.6 bn. That is still $2.70, or 1.9%, higher than the closing price Wednesday, before the deal was, a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses (SMBs) has announced entering into a definitive agreement to acquire Divvy in a stock and cash transaction valued at approximately $2.5 bn.įounded in 2016, 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. dropped 7.88% on the New York Stock Exchange on Monday, to $142.07 per share. , based in San Jose, is a provider of cloud-based software to let small and medium-sized businesses handle transactions like invoices and payments. ![]() 30.ĭivvy sells an online tool to allow businesses to manage their company credit cards, expense reports, budgeting and invoices. Divvy is defining a new category in fintech by fusing payments and expense management into. expected the deal to be made final before Sept. The acquisition must be approved by the boards of directors of both companies, and is subject to regulatory approvals and other closing conditions. The fourth, cybersecurity company Venafi, is based in Salt Lake City and valued at $1.15 billion.ĭivvy had been estimated to be worth $1.6 billion, according to CB Insights. Of the other four, three are headquartered in Lehi: financial tech firm MX Technologies (valued at $1.9 billion), artificial intelligence company XANT ($1.65 billion), and internet software and services provider Podium ($1.5 billion). will acquire Divvy for approximately 625 million in cash and 1. ![]()
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