Tipalti has acquired Approve.com, a cloud procurement solutions provider, in order to create an end-to-end procurement-to-payment cloud solution for mid-market businesses.
Approve.com’s software enables businesses to deploy a purchase order process. The platform handles requisitions, approvals, budgets, vendor onboarding and spending controls.
Terms of the deal were not disclosed, and the transaction is expected to close in the early second quarter.
“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,” said Tipalti CEO and co-founder Chen Amit in a statement. “Procurement is an important part of our long-term product vision.”
“Both of our companies share a vision for simplifying the financial operations and streamlining controls for our customers” added Approve.com CEO and co-founder Bar Winkler, also 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.”
