Bill.com has agreed to buy Divvy in a deal valued at $2.5 billion.
Divvy makes spend management solutions that combine expense management software and smart corporate cards into a single platform.
The acquisition will give Bill.com users an expanded solution for managing accounts payable, accounts receivable and corporate card spend all in one place. Business users will be able to access real-time insights into their B2B spending and access to multiple payment solutions.
Bill.com will offer expense management and budgeting software, combined with smart corporate cards, to its more than 115,000 customers and its network of 2.5 million members. Divvy will be able to offer automated payable, receivable and workflow capabilities to the more than 7,500 monthly active SMBs that it serves.
“Since founding Bill.com, I have been driven by the desire to build solutions that make a real difference for small and midsized businesses,” said Bill.com CEO and founder René Lacerte in a statement. “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.”
Bill.com will acquire Divvy for approximately $625 million in cash and $1.875 billion of Bill.com stock, subject to adjustments.
“We are excited to be joining forces with Bill.com to help SMBs grow and thrive by modernizing and transforming their financial operations,” added Divvy CEO and co-founder Blake Murray also in a statement. “At Divvy, our customers are our true north, and they always have been.”
