Payment automation software program company Monthly bill.com has agreed to invest in Invoice2go for about $625 million to improve its accounts receivable choices.
Invoice2go lets business enterprise homeowners to mail and monitor invoices through a cell app or desktop dashboard when Monthly bill.com supports a range of back-office environment functions for tiny and midsize corporations, including accounts receivable.
“We are investing to accelerate the adoption of our accounts receivable supplying,” Monthly bill.com CEO René Lacerte mentioned in a information release.
The deal, he extra, “supports our approach to devote in our platform to be a one-quit-shop solution for corporations to transform their money functions, make and acquire payments, and control their funds move.”
Even though most tiny business enterprise transactions are even now manufactured with paper checks, Lacerte mentioned that “there is potent momentum to digitally transform and adopt e-payments … Between Monthly bill.com and Invoice2go, there are billions of bucks of invoices getting despatched each year that can be enabled for digital payments.”
Under the phrases of the deal, Monthly bill.com will acquire seventy five% of Invoice2go with its inventory and the relaxation with funds. In trading Monday, Monthly bill.com shares fell 1.six% to $204.eighty.
Invoice2go was launched in 2002 in Australia and has offices in Sydney and Palo Alto, Calif. It serves much more than 225,000 corporations in 160 international locations and processes much more than A$24 billion a calendar year in payments.
“Combining Monthly bill.com’s sector-major payments platform and broad sector arrive at with Invoice2go’s deep AR experience supplies a exceptional chance to present SMBs and freelancers a potent platform to streamline their day-to-day money functions and control their funds move,” Invoice2go CEO Mark Lenhard mentioned.
In June, Monthly bill.com completed its $2.5 billion acquisition of expend administration software program agency Divvy.