Tipalti, a San Mateo, CA-based global payables automation platform, acquired Approve.com, a cloud procurement solutions provider.
The amount of the deal, expected to close in early Q2 2021, was not disclosed.
The deal will enable Tipalti to expand its portfolio of financial operations offerings. Together, the two companies will offer finance leaders advanced solutions to streamline manual processes and automate the entire Accounts Payable cycle from procurement through to payment.
Led by CEO and Co-founder Bar Winkler, Approve.com provides a cloud-based procurement solution that enables businesses to deploy a proper purchase order process. The platform streamlines requisitions, approvals, real-time budgets, and vendor onboarding, while delivering real-time spend controls and insights.
Led by Chen Amit, Chief Executive Officer and Co-founder, Tipalti handles both Accounts Payable and Mass Pay for mid-market companies across the entire cycle: funding global entities, onboarding the global supply chain, streamlining invoice workflows, and reconciling data. Customers include Amazon Twitch, Boxed, GoDaddy, Oscar Insurance, Roku, WordPress.com, and ZipRecruiter.