Its performance as a public company has been mostly seen as a success since it debuted in 2019. That’s a bit irregular typically, public fintech companies have made a few acquisitions during its time as a private company.Īs of this morning, ’s market is a touch above $11 billion. Notably, does not seem to have made any other acquisitions (or at least no acquisitions worth noting by the press and private capital databases). The huge sale of Utah-based startup Divvy to is still bouncing around my head this week, not only because the 2.5 billion exit was huge for both the company and its local scene. With Divvy, employers can give employees direct access to funds, effectively eliminating expense reports and retroactive reimbursements. It’s fused with a smart corporate credit card to provide instant visibility and control of company-wide spending. If the sale of Divvy to was to go through, a number of well-known venture firms- New Enterprise Associates, Paypal Ventures, Insight Partners, Tiger Global Management and others-would be adding another, likely successful, exit to their portfolio. Divvy is a leading spend and expense management platform for business. Forbes reported that, although the acquisition price is not known, has floated paying $2 billion or more for Divvy in past exploratory conversations.
The startup, founded in 2016 by Alex Bean and Blake Murray, has raised $417.5 million across five publicly known funding rounds. The corporate expense management platform, as of today, is reportedly worth a pre-money valuation of $1.6 billion, according to Crunchbase. This article has been updated to reflect recent breaking newsĪccording to Forbes’ Eliza Haverstock and Alex Konrad, may announce its acquisition of Utah-based Divvy when it reports its first-quarter earnings tomorrow. Divvy is a leading spend and expense management platform for business.
Divvy will be able to offer automated payable, receivables, and workflow capabilities to the more-than 7,500 monthly active SMBs that it serves.
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30, subject to regulatory approvals and closing conditions. can offer expense management and budgeting software combined with smart corporate cards to its more-than 115,000 customer base and its network of 2.5 million members. The transaction is expected to close by the end of Sept. Our expanded platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions,” René Lacerte, CEO and Founder, said in a statement. Divvy is a leading spend and expense management platform for business. “Customers have been asking us to help them with their spend management, and I am excited that together with Divvy, we can deliver on that ask, furthering our vision to transform SMB financial operations. will acquire Divvy for about $625 million in cash and $1.875 billion of.
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The acquisition will enable ’s offerings to be expanded to let businesses automatically manage accounts payable, accounts receivable and corporate spend. The vendor has the option to get paid by ePayment through (which is free for them) or get paid by check (via ), which doesnt require any signup on their part. That is still $2.70, or 1.9%, higher than the closing price Wednesday, before the deal was has entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at about $2.5 billion, according to a press release. dropped 7.88% on the New York Stock Exchange on Monday, to $142.07 per share. However, reportedly went to the startup previously with an offer in excess of 2 billion, according to Forbes, which cited an unnamed source. , based in San Jose, is a provider of cloud-based software to let small and medium-sized businesses handle transactions like invoices and payments. 30.ĭivvy sells an online tool to allow businesses to manage their company credit cards, expense reports, budgeting and invoices. expected the deal to be made final before Sept. The acquisition must be approved by the boards of directors of both companies, and is subject to regulatory approvals and other closing conditions. The fourth, cybersecurity company Venafi, is based in Salt Lake City and valued at $1.15 billion.ĭivvy had been estimated to be worth $1.6 billion, according to CB Insights. Of the other four, three are headquartered in Lehi: financial tech firm MX Technologies (valued at $1.9 billion), artificial intelligence company XANT ($1.65 billion), and internet software and services provider Podium ($1.5 billion). In June 2021, completed the acquisition of Divvy for 2. The huge sale of Utah-based startup Divvy to is still bouncing around my head this week, not only because the 2.5 billion exit was huge for both the company and its local scene, but.
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