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BILL.COM BUYING DIVVY FOR $2.5B Featured

As it announced a revenue increase of 44.9 percent for the third quarter ended March 31, payments vendor Bill.com also said it will acquire Divvy. Divvy offers expense management and budgeting software, combined with smart corporate cards.

It has been a busy period as this follows the recent announcement Bill.com now integrates with Stripe. The Divvy deal should significantly increase Bill.com’s revenue as Divvy had an annual run rate of $100 million as of the March quarter. Bill.com CEO Rene Lacerte said that was double Divvy’s run rate a year earlier. Meanwhile, Bill.com reported revenue rose to $59.738 for the most recently ended quarter, up from $41,2 million a year earlier. Its third-quarter loss of $26.7 million was more than three times the loss of $8.3 million in last year’s corresponding period as Bill.com increase operating expenses by 46 percent. The company said the Stripe integration will be generally available this quarter. It also noted it is working with a third party to provide electronic bill presentment for its platform so that bills from large enterprises, such as utility companies, can be entered directly onto the platform and is also working to provide the ability to automatically route payments to t hose vendors. In addition, Bill.com now enables accounting firms to upload and onboard up to 200 clients simultaneously instead of individually. Lacerte says the company is all piloting a real-time payments product, Instant Transfer. The integration with Strip will enable vendors to receive funds via debit cards.

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