Global payables automation leader with $2 Billion+ Valuation adds Approve.com to offer holistic procurement, accounts payable, and mass payments automation solutions.
FREMONT, CA: Tipalti, the pioneering global payables automation platform, announces its acquisition of Approve.com, a cloud procurement solutions provider, to widen its portfolio of financial operations offerings. Together, Tipalti and Approve.com will provide finance leaders seamless, modern, and innovative solutions to optimize manual processes, which will allow their high-velocity customers to attain their vision. Combining these two firms makes Tipalti the only company dedicated to mid-market enterprises that automates the entire Accounts Payable cycle from procurement through to payment.
Approve.com offers an intuitive yet comprehensive cloud-based procurement solution that allows businesses to quickly deploy a proper purchase order process. The Approve.com platform optimizes requisitions, approvals, real-time budgets, and vendor onboarding while offering real-time spend controls and insights. Tipalti acquired Approve.com for an undisclosed amount. The transaction is predicted to close in early Q2 2021.
With this deal, Chen Amit, Chief Executive Officer and Co-founder of Tipalti, hopes to open new horizons for both firms and their customers. With the acquisition of Approve.com, the company will help finance firms at growth-oriented companies scale more efficiently, focus more of their resources on driving strategy, enhance company-wide spend visibility, and greatly strengthen their spending and financial controls. One holistic solution can change finance operations and level the playing field for finance pioneers at mid-market companies.
Approve.com is excited to join the Tipalti family today. Both of the companies share a vision for simplifying the financial operations and optimizing controls for customers. Its solutions are complementary, and both have been developed with the same balanced values of simplicity, a great user experience, and intelligent potentials in mind. Together, the companies will help mid-market firms optimize and scale their financial, operational processes end-to-end.
