(BILL) to Acquire Divvy for $2.5B

May 6, 2021 4:12 PM EDT

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here. (NYSE: BILL) announced it has entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at approximately $2.5 billion. Divvy is a leader in spend management that modernizes finance for business by combining expense management software and smart corporate cards into a single platform.

The acquisition supports’s mission and enhances our ability to deliver value to the combined customer base.’s expanded solution will enable businesses to automatically manage accounts payable, accounts receivable, and corporate card spend all in one place, saving them valuable time and money. With real-time insight into all their B2B spending and access to multiple payment solutions, businesses will be empowered to spend smarter, better manage their budgets and cash flow, and simplify their back-office financial operations.

“Since founding, I have been driven by the desire to build solutions that make a real difference for small and mid-sized businesses. 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. Our expanded platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions,” said René Lacerte, CEO and Founder. “We are excited to work with the talented Divvy team. We have a shared passion for helping SMBs succeed and both companies are driving our customers’ digital transformations. Together, we can further empower SMBs to transition quickly and easily.”

The combination will expand the market opportunity for both companies. 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. Divvy will be able to offer automated payable, receivables, and workflow capabilities to the more-than 7,500 monthly active SMBs that it serves.

“We are excited to be joining forces with to help SMBs grow and thrive by modernizing and transforming their financial operations,” said Blake Murray, Divvy CEO and Co-Founder. “At Divvy, our customers are our true north, and they always have been. As we listened to our customers, we heard them ask for a comprehensive payments platform so that they don’t have to use multiple software systems to manage their finances. Today I’m proud that Divvy is joining to bring the one-stop-shop platform that our customers and the market have been asking for.”

Details Regarding the Proposed Acquisition

The transaction has been approved by the Boards of Directors of both Divvy and The deal is expected to close by the end of’s first fiscal quarter ending September 30, 2021, and is subject to receipt of regulatory approvals and other customary closing conditions. will acquire Divvy for approximately $625 million in cash and $1.875 billion of Common Stock, subject to customary adjustments for transactions of this nature.

An investor presentation about the transaction is available on our investor relations website at Additional details and information about the terms and conditions of the acquisition will be available in a current report on Form 8-K to be filed by with the Securities and Exchange Commission.


Goldman Sachs & Co. LLC is serving as financial advisor to and Fenwick & West LLP is acting as legal counsel to Financial Technology Partners (FT Partners) is serving as exclusive strategic and financial advisor to Divvy and Morrison & Foerster LLP are acting as legal counsel to Divvy.

Conference Call Information and Divvy executives will discuss the details of this transaction during’s fiscal third quarter earnings webcast today, May 6, 2021, at 1:30 p.m. Pacific Time. The live webcast and a replay of the webcast will be available at the investor relations section of’s website:

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