Corporate travel and expense management firm Certify said in a press release Tuesday (Sept. 18) that it is looking to compete with industry leader Concur through the acquisition of another market player.
The company secured an agreement to acquire Europe's Captio, an expense management solutions provider, marking Certify's first takeover outside of North America. Certify said the deal is its "most significant international venture to date," enabling the business to target large, mid-market and small corporate customers across Europe.
Certify will focus its expansion on Spain, Portugal, France and Italy as a result of the acquisition of Captio and its client base. Following the deal, Certify will have more than 10,000 customers across 90 countries, the firm noted. The companies said the combined businesses will continue to focus on their current product line.
“Captio has captured significant market share in Europe through a combination of great technology, first-class customer service and skilled leadership,” said Certify President and CEO Robert Neveu in a statement. “They have a strong and growing customer base, and a great reputation.”
“For six years we've worked very hard to create a tool that makes it easier for business travelers to record their expenses, and for companies to manage those expenses and simplify reimbursement,” said Joel Vicient, co-founder of Captio. “We're proud of the progress we've made and the success of our customers. Aligning with Certify will allow us to expand our product further, enhance support to existing customers and secure new customers while accelerating our plans for growth.”
The acquisition is not Certify's first expansion into Europe. Last year, the company announced a collaboration with Sage, based in the U.K., to co-integrate their solutions with joint corporate customers. Certify also recently announced a partnership with Western Union to support cross-border business payments to Certify customers operating outside the U.S.
In July, the company acquired Abacus, another T&E player. Last year, Certify itself was acquired and combined with Nexonia, ExpenseWatch and Tallie, an effort by K1 Investment Management to strengthen the company against the industry's current leader Concur.