Global Payables Automation Leader with $2 Billion+ Valuation adds Approve.com to Deliver Holistic Procurement, Accounts Payable and Mass Payments Automation Solutions
SAN MATEO, Calif.–(BUSINESS WIRE)–Tipalti, the leading global payables automation platform, 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 seamless, modern, and advanced solutions to streamline manual processes which will enable their high-velocity customers to achieve their vision. The combination of these two companies makes Tipalti the only 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 organizations and their customers.
“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 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 optimize and scale their financial operational processes end-to-end.”
Tipalti comes from the Hebrew expression for «We handled it.» Tipalti is the only company handling both Accounts Payable and Mass Pay for mid-market companies across the entire cycle: funding global entities, onboarding the global supply chain, streamlining invoice workflows, and reconciling data. Tipalti enables high-growth companies to scale quickly by making payables strategic with operational, compliance, and financial controls. Companies can efficiently and securely pay thousands of partners and vendors in 196 countries within minutes. Tipalti customers such as Amazon Twitch, Boxed, GoDaddy, Oscar Insurance, Roku, WordPress.com, and ZipRecruiter typically reduce operational workload by 80 percent and accelerate the financial close by 25 percent, while strengthening financial controls and spend visibility.
For more information, visit tipalti.com.
Approve is a procurement operations platform that helps businesses streamline purchasing workflows and vendor interactions, and gain critical insights into company spend. Approve introduces automation to procurement operations and frees up managers to focus on strategic initiatives, while providing a seamless user experience that drives collaboration and adoption. Approve transforms procurement processes in modern companies and was built to be highly scalable while providing a seamless usage experience to employees, budget owners and vendors.