Divvy has retained Financial Technology Partners as its sole operational and financial advisor. The financial advisor of Bill is Goldman Sachs & Co, and the firm's legal consultant is Fenwick & West LLP. The transaction is scheduled to happen by the end of 's first financial year, which ends on September 30, 2021, subject to regulatory permissions and other standard termination criteria. Bill can provide the one-stop-shop portal that Divvy's clients and industry are requesting.īoth Divvy and 's board members have given their approval to the deal.
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He revealed that Divvy's clients always demand a robust payments platform such that they wouldn't have to handle their finances using various software systems. And, if they work together will further encourage SMBs to transform rapidly and efficiently.Ĭonversely, Blake Murray, Divvy's co-founder and CEO, commented that his team is excited to partner with Bill's family. He stated that both firms have a similar passion for helping flourish SMBs. René Lacerte, the Chief executive officer and co-founder of Bill, is delighted and hopeful regarding this merger. Divvy's gross sales steadily increased YoY in the 12 months ending in March, according to. As a result of the acquisition, the enterprise expects to unlock additional market opportunities supplementing $100 million (approx) in annual average recurring revenue that Divvy currently generates. would also consider providing Divvy to businesses outside the United States to boost its extension. It emphasized an opportunity to market the Divvy service to its more than 115,000 clientele while promoting its corporate finance network to Divvy's 7,500-plus current small and middle-sized businesses. With the inclusion of Divvy's technology, Bill states that companies will be able to handle corporate credit cards in a similar spot as well. The reason behind 's purchase is that it will enable companies to centralize their finance operations.īill.com offers a single point of contact for paying vendors and submitting invoices. Bill believes that extending Divvy's platform globally will help the firm to achieve greater future growth. In a shareholder report, Bill stated that Divvy would yield a return on its investment by increasing its addressable market in the United States 2x more than usual. The net takeover price is significantly higher than DivvyPay's post-money price of $1.6 billion achieved during its $165 million financing round earlier this year. Bill has signed the contract stating that it would fund the deal with a cash price of 625 million dollars and 1.8 billion dollars in common shares.
The cloud-based technology provider announced this definitive agreement on the May 7. will purchase the Utah-based spend management platform, DivvyPay at a cash and stock deal worth around $2.5 billion.
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