Expense report management software firm Certify announced its acquisition of Abacus, the leading real-time expense reporting solution. Financial terms of the deal are not being disclosed. The addition of Abacus to its product portfolio allows Certify — which supports more than 10,000 enterprise, mid-market and small business (SMB) customers in North America — to serve a more diverse range of customers.
“Acquiring Abacus strengthens and expands our management team, product set and domain knowledge,” said Robert Neveu, founder and CEO of Certify. “The company’s real-time expense management solution is unlike anything else in the marketplace. Omar and his team have done a tremendous job building Abacus, and we look forward to helping them continue to grow their business while enhancing Certify’s leadership position in the spend management space.”
Founded in 2013, Abacus's technology bypasses the traditional expense report and, instead, recommends expenses to users based on data and previous behavior, minimizing the chance for error. It currently serves more than 1,000 customers, such as Betterment, GLG and North American Substation Services.
“We are thrilled to join Certify’s family of brands,” said Omar Qari, CEO of Abacus. “Teaming up with Certify will give our team the opportunity to grow Abacus’ market presence by leveraging Certify’s resources and expertise. Learning more about how aligned our vision is with Certify’s helped us realize that the fastest way to achieve our goals was to join their organization.”
“K1 is committed to investing in companies and technologies that have achieved significant success in the market and are clearly positioned for explosive long-term growth,” said Hasan Askari, managing partner of K1 Investment Management. “We are excited to see Certify expand its position as the largest independent provider of travel and expense management software by adding Abacus’ leading-edge technology to its portfolio.”