Accounts payable (AP) automation technology company Tipalti revealed its purchase of cloud procurement technology provider Approve.com for an unannounced price. The deal is anticipated to close early in the second quarter of this year, according to a Monday (April 12) announcement.
Approve.com offers “an intuitive yet comprehensive” procurement system based on a cloud that lets companies quickly install a proper purchase order workflow. The Approve.com system simplifies requisitions, approvals, in-the-moment budgets and supplier onboarding. In addition, it provides live spend controls and analysis, according to the announcement.
“With the acquisition of Approve.com, we will help finance organizations at growth-oriented companies scale more efficiently, focus more of their resources on driving company strategy, improve company-wide spend visibility, and greatly strengthen their spend and financial controls,” Tipalti CEO and Co-Founder Chen Amit said in the announcement.
Amit noted in the announcement that procurement is an essential part of the company’s product vision for the long haul.
The combination of Tipalti and Approve.com makes Tipalti the only firm focused on mid-market companies that automates the complete AP cycle that spans between procurement and payment, according to the announcement.
“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 the announcement, noting that their offerings are “complementary.”
“Together, we will help mid-market companies optimize and scale their financial operational processes end-to-end,” Winkler said in the announcement.
The news comes after Tipalti hit the big time in October with $150 million in new investment and a $2 billion valuation. That puts the FinTech, which is headquartered in California, well into “unicorn” status.
“This new round of investment will allow us to further accelerate our innovation edge, as a leader in payments automation,” Amit said in a press release at the time. “Tipalti is clearly needed, and this enables us to be ready for all that demand.”
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