Bill.com To Buy Divvy For $2.5B

Bill.com, which provides back-office software, has struck a deal to buy Divvy in a stock-and-cash transaction valued at about $2.5 billion. Utah-based Divvy’s platform puts expense-management software and smart corporate cards together.

Headquartered in San Jose, California, Bill.com provides cloud-based software that automates back-office financial operations for small and medium-sized businesses (SMBs).

The acquisition will further Bill’s “vision to transform SMB financial operations,” said René Lacerte, Bill.com CEO and founder. He added, in a press release, that both companies are driving “customers’ digital transformations.” He said the combined company’s “platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions.”

The release said that Bill.com has more than 115,000 customers. For its part, Divvy offers such services as automated payables and receivables to its more-than 7,500 SMB customers.

“We are excited to be joining forces with Bill.com to help SMBs grow and thrive by modernizing and transforming their financial operations,” said Blake Murray, Divvy CEO and co-founder. The deal will create a “one-stop-shop platform that our customers and the market have been asking for.”

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