Accounts payable automation company Tipalti has acquired Approve.com to add procurement solutions to its portfolio.
The Approve cloud platform helps businesses streamline purchasing workflows and vendor interactions. It handles requisitions, approvals, budgets, vendor onboarding, and spending controls.
The merger with Tipalti, which is Hebrew for “We handled it,” combines two fintech companies that were founded by Israelis. The terms of the deal were not disclosed.
Tipalti said Approve’s solutions would make it the only company dedicated to mid-market businesses that offers automation of the entire accounts payable cycle from procurement through to payment.
“Procurement is an important part of our long-term product vision,” CEO Chen Amit said in a news release. “One holistic solution can transform finance operations and level the playing field for finance leaders at mid-market companies.”
Tipalti was founded by Amit and investor Oren Zeev to streamline all phases of the AP and payment management workflow into one holistic cloud platform. The company’s customers now include Amazon Twitch, Boxed, GoDaddy, Oscar Insurance, Roku, WordPress.com, and ZipRecruiter.
“There are neglected areas in business automation, that do not get ‘geek’ attention. AP is a poster child for this,” Amit told Forbes in 2018.
Tipalti raised $150 million in a funding round last year that valued the San Mateo, Calif.-based startup at $2 billion. At the time, it said it had surpassed $12 billion in transaction volume in 2020.
Approve CEO Bar Winkler said the two companies “share a vision for simplifying the financial operations and streamlining controls for our customers.”
“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,” he said. “Together, we will help mid-market companies optimize and scale their financial operational processes end-to-end.”
Tipalti was named a tech company to watch by CFO in 2018.