U.S.-based B2B fintech Tipalti announced on Monday it has acquired Approve.com, a cloud procurement solutions provider. The acquisition will reportedly expand Tipalti’s portfolio of financial operations offerings.
According to Tipalti, Approve.com provides a 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.”
While sharing more details about the acquisition, Chen Amit, CEO and Co-Founder of Tipalti, stated:
“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. 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.”
Tipalti acquired Approve.com for an undisclosed amount. The transaction is expected to close in early Q2 2021.
Founded in 2010, Tipalti claims it is the only supplier payments automation solution to streamline all phases of the AP and payment management workflow in one holistic cloud platform. The company claims:
“Tipalti is the only supplier payments automation solution to streamline all phases of the AP and payment management workflow in one holistic cloud platform. Tipalti makes it painless for accounts payable departments to manage their entire supplier payments operation. The solution addresses everything from supplier onboarding and vetting, to tax and regulatory compliance, invoice processing, payments to suppliers anywhere in the world in a wide range of payment methods and currencies, supplier payment status communications, to closing the loop with payment reconciliation and reporting.”
Last year, the company raised $150 million through its Series E funding round, led by Durable Capital Partners with participation from Greenoaks Capital and participation from current investor 01 Advisors. The investment round reportedly brought the company’s valuation to more than $2 billion.