Tipalti, a payables automation platform, has announced its acquisition of Approve.com, a cloud procurement solutions provider, to expand its portfolio of financial operations offerings.
Together, Tipalti and Approve.com will offer finance leaders modern and advanced solutions to streamline manual processes which will enable their customers to achieve their vision. The combination of these two companies makes Tipalti a company dedicated to mid-market businesses that automates the entire Accounts Payable cycle from procurement through to payment.
Approve.com provides an intuitive yet comprehensive cloud-based procurement solution that enables businesses to rapidly deploy a proper purchase order process. The Approve.com platform streamlines requisitions, approvals, real-time budgets, and vendor onboarding while delivering real-time spend controls and insights.
Tipalti acquired Approve.com for an undisclosed amount. The transaction is expected to close in early Q2 2021.
With this deal, Chen Amit, Chief Executive Officer and Co-founder of Tipalti, expects to open new horizons for both organisations and their customers.
“With the acquisition of Approve.com, we will help finance organisations 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,” said Amit. “Procurement is an important part of our long-term product vision. One holistic solution can transform finance operations and level the playing field for finance leaders at mid-market companies.”
“We are excited to join the Tipalti family today. Both of our companies share a vision for simplifying the financial operations and streamlining controls for our customers” said Approve.com CEO and Co-founder Bar Winkler. “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 optimise and scale their financial operational processes end-to-end.”