Bill.com has agreed to acquire mobile-first accounts receivable (AR) software provider Invoice2go in a stock and cash deal worth around $625m.
Invoice2go offers software that enables users to grow their client base, manage invoicing and payments, maintain financial wellness and build their brand.
The company serves a large global customer base of small businesses from its office locations in Sydney, Australia and Palo Alto, California.
Its AR solution is said to enable businesses to engage with their customers, generate invoices, and simplify their AR operations through mobile and desktop solutions.
Invoice2go CEO Mark Lenhard said: “We are thrilled to join forces with Bill.com. Combining Bill.com’s market-leading payments platform and broad market reach with Invoice2go’s deep AR expertise provides a unique opportunity to offer SMBs and freelancers a powerful platform to streamline their day-to-day financial operations and control their cash flow.
“I am equally excited for employees of both organisations who share a culture that prioritises delivering innovation and exceptional customer value for all small business owners.”
Bill.com is a California-based company engaged in providing cloud-based software that simplifies, digitises and automates complex back-office financial operations for SMBs.
The acquisition is expected to enhance the company’s current AR offering and support its goal to simplify connecting to and doing business.
Bill.com’s platform and payments expertise, when combined with AR solution, is expected to expand electronic payments to help businesses get paid rapidly and more conveniently.
The transaction has been approved by the boards of directors of Invoice2go and Bill.com.
It is expected to close by the end of this year, subject to customary closing conditions and regulatory approvals.
Bill.com CEO and founder René Lacerte said: “We are investing to accelerate the adoption of our accounts receivable offering. The acquisition of Invoice2go will bring a leading product and a very talented team to Bill.com.
“It supports our strategy to invest in our platform to be a one-stop-shop solution for businesses to transform their financial operations, make and receive payments, and manage their cash flow.
“Our payments expertise and go-to-market capabilities combined with Invoice2go’s product capabilities can make it even easier for businesses to get paid quickly and electronically.
“Between Bill.com and Invoice2go, there are billions of dollars of invoices being sent annually that can be enabled for electronic payments.”
