Advances platform with leading mobile-first
accounts receivable solution
Expands footprint to serve international
markets
Extends reach to serve sole
proprietors
Bill.com (NYSE:BILL), a leading provider of cloud-based software
that simplifies, digitizes, and automates complex back-office
financial operations for small and midsize businesses (SMBs),
announced today it has completed its acquisition of Invoice2go, a
leading mobile-first accounts receivable (AR) software
provider.
“We are thrilled to welcome the Invoice2go team to Bill.com,”
said René Lacerte, Bill.com CEO and Founder. “Together, we can more
quickly advance our accounts receivable offering and accelerate our
innovation agenda for small businesses. Invoice2go has a phenomenal
mobile-first solution that makes it easy for businesses to engage
with their customers, develop bids, send invoices, and get paid
faster.”
“We see unique value in having strong payables and receivables
solutions on one platform which enables customers to have
visibility into payments coming and going, providing more control
in managing their cash. With the accounts receivable expertise and
international footprint that the Invoice2go team brings, we will
accelerate our vision to be the one-stop solution for businesses to
transform their financial operations,” concluded Mr. Lacerte.
“We are excited to join Bill.com. We have long-admired the
company’s dedication to serving SMBs and helping them with their
digital transformation journeys,” said Mark Lenhard, CEO of
Invoice2go. “With Bill.com’s payments expertise, large network, and
strong go-to-market capabilities combined with Invoice2go’s product
capabilities, we can make it even easier for businesses to get paid
quickly and electronically.”
The acquisition will enhance Bill.com’s current accounts
receivable offering and supports Bill.com’s mission to make it
simple to connect and do business.
Testimonials
“As a freelancer, it’s just me — so I spend a lot of my time on
behind-the scenes business management. Having Invoice2go has
already been so helpful, and I’m excited to hear they can offer me
even more support by joining Bill.com. It will be especially useful
if I can manage my business expenses along with my revenue within a
single platform.” - Madeleine Nance, Small Business Owner
“I have been a long-time customer of Invoice2go and they have
been such a great resource for my business for years. Even as a
smaller company they provided great functionality and great
customer service for me, but now joining forces with Bill.com I
look forward to seeing many new features and benefits for customers
like myself.” - Matt Cameron, Cameron Photography
“It’s exciting to learn that Bill.com has teamed up with
Invoice2go to help small businesses run a more efficient
back-office. This acquisition also complements Bill.com’s recent
purchase of Divvy, which brings expense management into Bill.com’s
platform and solutions. These brands collectively make running the
back office easy for small businesses.” - Nick Pasquarosa, founder
& CEO of Bookkeeper360
“As a firm, we rely on our technology partners to help us
deliver the best service to our clients. Having Bill.com, Divvy and
Invoice2go, three robust solutions in one trusted partner like
Bill.com, is ideal. This is what the market needs, and I’m not
surprised that Bill.com is the one to deliver on it.” - Larry
Kammerer, Partner in Charge, Outsourced Finance & Accounting,
Moss Adams
Transaction Information
Bill.com completed its acquisition of Invoice2go for
approximately $625 million (75% in Bill.com stock and 25% in cash).
Invoice2go shareholders received approximately 2 million Bill.com
shares based on a 20-day average closing price of $237.32, which we
intend to register promptly on Form S-3 for resale and Form S-8 in
connection with assumed options.
Bill.com intends to provide a financial update inclusive of
Invoice2go on its regularly scheduled fiscal first quarter earnings
call.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains forward-looking statements relating
to expectations, plans, and prospects including expectations
relating to the benefits that will be derived from this
transaction. These forward-looking statements are based upon the
current expectations and beliefs of Bill.com’s management as of the
date of this release, and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements including,
without limitation, risks related to: Bill.com’s ability to
successfully integrate Invoice2go and its recently-acquired Divvy
business, the effect of the transaction on the ability of Bill.com
or Invoice2go to retain key personnel and maintain relationships
with customers, suppliers and others, the outcome of any legal
proceeding related to the transaction and competitive pressures in
the markets in which Bill.com and Invoice2go operate. All
forward-looking statements in this press release are based on
information available to the Company as of the date hereof, and
Bill.com disclaims any obligation to update these forward-looking
statements.
About Bill.com
Bill.com is a leading provider of cloud-based software that
simplifies, digitizes, and automates complex, back-office financial
operations for small and midsize businesses. Customers use the
Bill.com platform to manage end-to-end financial workflows and to
process payments. The Bill.com AI-enabled, financial software
platform creates connections between businesses and their suppliers
and clients. It helps manage cash inflows and outflow. The company
partners with several of the largest U.S. financial institutions,
the majority of the top 100 U.S. accounting firms, and popular
accounting software providers. Bill.com is headquartered in San
Jose, California. For more information visit www.bill.com.
About Invoice2go
Invoice2go is a technology company that empowers freelancers and
small businesses with straightforward tools that simplify their
day-to-day workflow. Our software enables users to grow their
client base, manage invoicing and payments, maintain financial
wellness, build their brand, and much more. To create a free
account, go to https://invoice.2go.com, or download from the Apple
App Store or Google Play.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210901005937/en/
IR Contact: Karen Sansot ksansot@hq.bill.com
Press Contact: Oriana Branon obranon@hq.bill.com
619-997-0299
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