Payments

Tipalti announces acquisition of Approve.com

The transaction is expected to close in Q2 this year

Payables automation platform Tipalti has announced its acquisition of Approve.com, a cloud procurement services provider to grow its financial operations offerings.

This marks Tipalti’s first acquisition, the company’s CEO and co-founder Chen Amit told FinLedger in an interview. It is expected to close in the early second quarter of this year. The company did not disclose the price of the acquisition.

The transaction will enable Tipalti, which is based in San Mateo, California, to further focus on mid-market businesses and automate the accounts payable cycle from procurement through to payment, according to a news release.

“We already did provide a broad solution with what we did before. But now we are a step further in accomplishing this need of the mid-market for a holistic, highly integrated, easy-to-consume solution. Procurement is an integral part of that,” Amit said.

Approve.com, which is based in Tel Aviv, Israel, is a procurement operations platform that helps companies streamline purchasing workflows and vendor interactions, while also obtaining insights into the company’s spending.

“Both of our companies share a vision for simplifying the financial operations and streamlining controls for our customers,” Approve.com CEO and Co-founder Bar Winkler said in a statement. “Our solutions are complementary, and both have been designed with the same balanced values of simplicity, a great user experience, and intelligent capabilities in mind. Together, we will help mid-market companies optimize and scale their financial operational processes end-to-end.”

Meanwhile, Tipalti produces payment automation and management software for businesses. The company’s name comes from the Hebrew expression, “We handled it,” and the startup’s customer base includes Twitch, Boxed, GoDaddy, Oscar Insurance, Roku, WordPress.com and ZipRecruiter.

The company has seen some explosive growth.Previously FinLedger reported that Tipalti grew its revenue more than 85% in the fourth quarter of 2020 compared to the same period in 2019. Amit said that the company started the year with 350 employees and he plans to end the year with about 770 employees, hiring about 420 employees. Tipalti’s valuation is over $2 billion with its $150 million Series E funding round in September 2020, which it will use to scale growth.

Overall, the company plans to bolster its sales, product and marketing and geographically expand, Amit said.

In other recent news, income verification platform Truework has partnered up with Gusto, which helps power small and medium businesses with tools like HR, payroll and benefits to support income and employee verifications for employees on Gusto’s platform.

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