But it appears that soon, at least one leading startup in this market will have cashed out.
Bill.com divvy barrononline software#
“When customers get it, they say, ‘Holy crap, this does more than we thought it was going to do,’” he said at the time. SAN JOSE, Calif.- ( BUSINESS WIRE )- (NYSE:BILL), a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small. Last year, Murray, Divvy’s CEO, disputed that it directly competed with such rivals, arguing the market was fast-growing and big enough for multiple players. Earlier that month, Ramp raised $115 million at a $1.6 billion valuation. Wall Street liked what it saw out of the earnings the firm’s share price rose 17 the next day. (NYSE: BILL), a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs), announced today it has entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at approximately 2.5 billion. Lacerte said has been able to cross-sell its customer base on Divvy’s corporate card, with Divvy adding about 2,000 customers over the past 12 months. Brex raised $425 million at a $7.4 billion valuation in April. Last May, acquired Ramp competitor Divvy for 2.5 billion. Globally, a record $1.77 trillion in M&A transactions were announced through the first four months of 2021-up 124% year-over-year from 2020, and 10% higher than the first four months of any other year on record, according to market data firm Refinitiv.ĭivvy is far from the only startup chasing expense reports and corporate credit cards or their equivalents. The news comes on the heels of a hot deal-cutting quarter. The total purchase price of around 2.5 billion is substantially. The company announced a $165 million funding round that month, after raising $200 million in April 2019. As expected, is buying Divvy, the Utah-based corporate spend management startup that competes with Brex, Ramp and Airbase. , which provides back-office software, has struck a deal to buy Divvy in a stock-and-cash transaction valued at about 2.5 billion. The pandemic boosted Divvy, which has said new customers sign-ups surged 500% from March 2020 through January 5, 2021. Founded by Blake Murray and Alex Bean in 2015, Lehi, Utah-based Divvy took in more than $32 million in revenue in 2019, the company told Forbes in a 2020 profile.
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