Corporate travel and expense management company Certify is merging into three other industry players to become a giant in the space, news reports said Tuesday (June 20).
K1 Investment Management has invested more than $125 million to merge Certify, Nexonia, ExpenseWatch and Tallie to form what it says is the largest competitor to SAP Concur. Altogether, the combined entity will count 7,500 businesses as clients in the SME and mid-market space. Reports said K1 will focus on product, geographic expansion and other avenues of growth for the new company.
“This is a unique opportunity to unite four complementary market leaders to advance the way that companies manage their travel, time and expenses,” said Eric White, president of Nexonia and Tallie, in a statement. “By integrating best-of-breed expense solutions and combining industry-leading expertise, Certify, Nexonia, ExpenseWatch and Tallie are incredibly well-positioned to bring a highly adaptive platform to the rapidly expanding expense management market.”
“This deal is all about bringing the best expense management products to the most users everywhere in the world,” added Certify Founder and CEO Robert Neveu. “We’re now in a much stronger position to develop products and serve customers in the U.S., Canada and internationally.”
Reports said the combined company will keep all product lines across the four businesses. K1 Investment Management did not specify whether the combined corporate travel and expense management entity has a new name or who will head it.