Hanaco and PayPal are set to exit Divvy, a provider of corporate spend management software, at a 56% premium to the valuation at which they invested in January.
Financial management software producer Bill.com agreed yesterday to purchase payment management platform developer Divvy in a $2.5bn transaction enabling digital payment processor PayPal and electronics wholesaler Hanaco to exit.
Divvy’s software platform allows businesses to efficiently track spending on expenses and corporate cards in real time while setting flexible limits.
The deal will allow Bill.com to offer business customers accounts payable, accounts receivable and corporate card spend management options from a single place.
The deal will consist of $625m of…
