Bill.com has inked a deal to buy Invoice2go, an accounts receivable software provider for small businesses. The stock and cash transaction is valued at approximately $625 million.
Invoice2Go has offices in Sydney, Australia and Palo Alto, California, giving Bill.com more of a global reach.
Already an expert in accounts receivable technology, Bill.com will integrate what Invoice2go does well: making it easier for businesses to engage and interact with their customers, generate professional invoices, and simplify their AR operations through mobile and desktop solutions.
Bill.com CEO and founder René Lacerte said the acquisition is an investment into Bill.com’s accounts receivable offering.
“The acquisition of Invoice2go will bring a leading product and a very talented team to Bill.com.,” he said in a statement. “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.”
“We are thrilled to join forces with Bill.com,” added Invoice2go CEO Mark Lenhard, also in a statement. “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.”
The acquisition 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 regulatory approvals and other closing conditions.
