The all-stock deal will see the Wishlife technology team, led by Lei Wang, integrate into Torpango, with Wang becoming the company CTO. Torpango will also acquire Wishlife’s technology talent, in hopes of “enhancing their product roadmap and technology capabilities,” the San Francisco company said in a news release.
“We are very excited to bring cutting edge technology, know-how and an amazing team to the table,” shares Wang. “We are committed to build a secure and scalable spend management platform that empowers businesses of all sizes.”
Launched in 2020, Torpango is a spend management platform that aims to give companies more control and transparency when it comes to spending.
As a part of the acquisition, Walter Kortschak, the founder of Kortschak Investments and an investor in Wishlife, will become a member of the Torpango board of directors. Kortschak has spent nearly five decades investing in companies and “brings a breadth of expertise” to Torpango, the company said.
“We feel that our infrastructure and customer acquisition strategy marries perfectly with the Wishlife technical team, and this acquisition will allow great synergies to bloom in 2022,” said Brent Jackson, Torpago’s CEO.
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Torpango recently concluded a $77 million funding round, made up of $75 million in credit facilities and $2 million in debt equity.
See also: Businesses Embrace The Growing Importance of Spend Management
Companies are beginning to see the benefits of spend management, or at least realizing that not embracing it means dealing with an “increasingly archaic world of slow, manual processes,” Thejo Kote, founder and CEO of Airbase, wrote in an essay for PYMNTS last year.
“Spend management frees up time from manual tasks and provides the tools for finance and accounting professionals to contribute insights, analysis and strategic thinking, making them more valuable to their companies,” he said.
“We’re seeing an upward trajectory of companies adopting a spend management model to provide an intuitive, complete platform for all non-payroll company spend.”
