Bill.com (NYSE:BILL), a San Jose, Calif.-based provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs), completed its acquisition of Divvy, a Draper, Utah-based spend management company, for approximately $2.5 billion in stock and cash.
The deal was announced in May 2021.
With the acquisition of Divvy, Bill.com will allow businesses to digitally improve their financial operations and automatically manage accounts payable, accounts receivable, and corporate card spend all in one place.
Led by René Lacerte, CEO and Founder, Bill.com is a provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses. Customers use the AI-enabled, financial software platform to manage end-to-end financial workflows and to process payments. The company partners with several of the largest U.S. financial institutions, the majority of the top 100 U.S. accounting firms, and accounting software providers. Bill.com has offices in San Jose, California and Houston, Texas.
Led by Blake Murray, CEO and Co-Founder, Divvy combines expense management software and smart corporate cards into a single platform to enable finance leaders to get real-time visibility into their company spend and flexible controls that prevent teams from ever going over budget.