Tipalti, a global payables automation platform, has announced its acquisition of the cloud procurement solutions provider, Approve.com, for an undisclosed sum.
The deal represents an expansion to the group’s portfolio of financial operations offerings, providing finance leaders with solutions to streamline manual processes.
Moreover, Tipalti said that through the takeover it has become the only company dedicated to mid-market businesses that automates the entire accounts payable cycle from procurement through to payment.
Chen Amit, co-founder and CEO at Tipalti, said: “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.”
Approve.com’s platform is designed to streamline requisitions, approvals, real-time budgets, and vendor onboarding, while simultaneously providing real-time spend controls and insights.
Bar Winkler, co-founder and CEO at Approve.com, said that the two companies “share a vision for simplifying the financial operations and streamlining controls” for their clients.
He added: “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.
“Together, we will help mid-market companies optimize and scale their financial operational processes end-to-end.”