Innovative budgeting and forecasting solution makes financial planning simple for SMBs
Expands BILL’s cash flow insight and reporting capabilities
SAN JOSE, Calif.--(BUSINESS WIRE)--BILL (NYSE: BILL), a leader in financial automation software for small and midsize businesses (SMBs), today announced it has signed a definitive agreement to acquire Finmark, a leading financial planning software provider that simplifies financial planning and cash flow insights for SMBs.
Finmark’s intuitive financial planning solution makes it easy for SMBs to analyze their business holistically, turn insights into decisions, and forecast with confidence. Accounting firms also use Finmark’s software to automate many of the processes involved in providing additional strategic client advisory services, including forecasting and cash flow management.
“We are building the essential financial operations platform for SMBs,” said Irana Wasti, BILL Chief Product Officer. “The acquisition of Finmark adds a powerful planning and cash flow analytics tool for SMBs and brings a very talented team to BILL. Finmark’s innovative software provides businesses with automated tools to build financial forecasts based on integrated data. This tool, together with our platform and data, will further empower SMBs to manage their businesses and cash flow.”
“We are thrilled to join BILL,” said Rami Essaid, CEO and Co-Founder of Finmark. “We have a shared passion for helping SMBs succeed. With BILL’s platform, distribution ecosystem, and scale, we will be able to help many more SMBs manage their business with more real-time insight and analysis.”
Details Regarding the Proposed Acquisition
The transaction has been approved by the Boards of Directors of both Finmark and BILL, and is expected to close by the end of this calendar year, subject to customary closing conditions. Terms of the acquisition were not disclosed.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the benefits that will be derived from this transaction. These forward-looking statements are based upon the current expectations and beliefs of Bill.com’s management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, without limitation, risks related to: (i) failure of Finmark to obtain stockholder approval as required for the proposed transaction; (ii) failure to satisfy the conditions to the closing of the proposed transactions; (iii) successful completion of the transaction; (iv) unexpected costs, liabilities or delays in connection with or with respect to the proposed transaction; (v) the effect of the announcement of the proposed transaction on the ability of BILL or Finmark to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom Bill.com or Finmark does business, or on BILL or Finmark’s operating results and business generally; (vi) the outcome of any legal proceeding related to the proposed transaction; (vii) the challenges and costs of integrating and achieving anticipated synergies and benefits of the proposed transaction and the risk that the anticipated benefits of the proposed transaction may not be fully realized or take longer to realize than expected; (viii) competitive pressures in the markets in which BILL and Finmark operate; (ix) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; and (x) other risks to the consummation of the proposed transaction, including the risk that the proposed transaction will not be consummated within the expected time period or at all. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Bill.com disclaims any obligation to update these forward-looking statements.
BILL is a leader in financial automation software for small and midsize businesses. As a champion of SMBs, we are dedicated to automating the future of finance so businesses can flourish. Hundreds of thousands of businesses trust BILL solutions to manage financial workflows, including payables, receivables, and spend and expense management. With BILL, businesses are connected to a network of millions of members, so they can pay or get paid faster. Through our automated solutions, we help SMBs simplify and control their finances, so they can confidently manage their businesses, and succeed on their terms. BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers. BILL is headquartered in San Jose, California. For more information, visit bill.com.
Finmark is a strategic finance software for small to mid-sized companies. The Finmark platform helps business owners and finance leaders save time on reporting through automation, turn insights into decisions, and analyze their businesses holistically. Finmark was created to be easy enough to be used by non-finance professionals but still be flexible, dynamic, and powerful enough for the most sophisticated finance teams.