Bill.Com Has Agreed To Buy Invoice2go, A Leader In Accounts Receivable Software
Talha Tamboli | July 20, 2021
Bill.com, a leading provider of cloud-based software that simplifies, digitises, and automates complex back-office financial operations for small and medium-sized businesses (SMBs), announced today that it has signed a definitive agreement to acquire Invoice2go for approximately $625 million in stock and cash. Invoice2go is a major provider of mobile-first accounts receivable (AR) software that enables small businesses and freelancers to expand their client base, manage invoicing and payments, establish their brand, and much more. Invoice2go provides a huge global customer base of small businesses from headquarters in Sydney, Australia and Palo Alto, California.
The acquisition will strengthen Bill.com's current accounts receivable product and contribute to the company's aim of making it simple to connect and do business. Through mobile and desktop applications, Invoice2go's AR solution enables businesses to engage and interact with their consumers, generate professional invoices, and simplify their AR operations. With electronic payments and Bill.com's platform and payments experience, there is a great opportunity to help businesses get paid faster and more conveniently.
“We are making investments to expedite the adoption of our accounts receivable solution. Bill.com will get a top product and a highly skilled team with the acquisition of Invoice2go. It contributes to our plan of investing in our platform to become a one-stop shop for businesses to alter their financial processes, make and receive payments, and manage their cash flow. “With Invoice2go's worldwide workforce and client base, we will be able to service more businesses all over the world,” stated René Lacerte, CEO and Founder of Bill.com.
“Today, paper checks are used in the majority of small business transactions. Nonetheless, we know from our customers that there is a significant push to digitally change and implement e-payments. When combined with Invoice2go's product capabilities, our payments knowledge and go-to-market capabilities can make it even easier for businesses to get paid swiftly and electronically. Bill.com and Invoice2go send billions of dollars in invoices each year that can be converted to electronic payments,” Mr. Lacerte said.
“We are overjoyed to be partnering with Bill.com,” stated Mark Lenhard, CEO of Invoice2go. “By combining Bill.com's market-leading payments platform and broad market reach with Invoice2go's deep AR experience, we have created a one-of-a-kind opportunity to give SMBs and freelancers with a strong platform to automate their day-to-day financial operations and regulate their cash flow. I am equally excited for both firms' employees, who share a culture that stresses delivering innovation and excellent customer value to all small company owners.”
Specifics About the Proposed Acquisition:
The transaction has been approved by the boards of directors of both Invoice2go and Bill.com, and it is scheduled to conclude before the end of the calendar year, subject to regulatory clearances and other standard closing conditions.
Bill.com will pay approximately $625 million for Invoice2go (75 percent in Bill.com Common Stock and 25 percent in cash), subject to standard adjustments for such transactions.
About Bill.com
Bill.com is a prominent provider of cloud-based software for small and medium enterprises that simplifies, digitises, and automates complex back-office financial activities. The Bill.com platform is used by customers to handle end-to-end financial workflows and make payments. The Bill.com AI-powered financial software platform connects businesses with their suppliers and clients. It aids in the management of cash inflows and outflows. The company collaborates with some of the leading financial institutions in the United States, the majority of the top 100 accounting firms in the United States, and popular accounting software providers. The company's headquarters are in San Jose, California.
About Invoice2go
Invoice2go is a technology startup that provides simple tools to freelancers and small businesses to help them with their day-to-day workflow. Users can utilise our software to expand their customer base, handle invoicing and payments, maintain financial wellness, create their brand, and much more.