Overall, the payments company reported revenue growth of 152 percent for the most recently ended quarter. However, Bill.com boosted spending by nearly six times and the company lost $75.7 million in the most recently ended period, up from nearly $13 million in red ink a year earlier. Revenue rose to $116.4 million from $46.2 million year-over-year. The company boosted sales and marketing spending by nearly six times to $62.3 million from $12.9 million. During a recent earnings webcast, CEO Rene Lacerte discussed plans including integration features to provide consistent navigation for Bill.com and Divvy, including a single sign-on and accounting software integration. “We are also working on longer-term initiatives to provide a seamless platform experience, including integrated budgeting, reporting and analytics,” Lacerte said.
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DIVVY BOOSTS BILL.COM REVS Featured
Bill.com experienced strong growth for its first quarter ended on September 30, sparked by its newly acquired Divvy and Invoice2go operations. In particular, Divvy had 187 percent year-over-year growth, according to CFO John Rettig.