Israeli fintech company Tipalti has acquired Tel Aviv-based Approve.com, a cloud procurement-solutions provider, to expand its portfolio of financial-operations offerings, Tipalti said in a press release Tuesday.
The value of the deal was not disclosed. The transaction is expected to close in the coming months.
The acquisition makes Tipalti the only company that automates the entire accounts-payable cycle from procurement through to payment, it said.
Approve.com provides a cloud-based procurement solution that enables businesses to rapidly deploy a purchase-order process, streamlining requisitions, approvals, real-time budgets and vendor on-boarding, while delivering real-time spend controls and insights.
“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,” Tipalti CEO and co-founder Chen Amit was quoted as saying.
“Procurement is an important part of our long-term product vision,” he said. “One holistic solution can transform finance operations and level the playing field for finance leaders at mid-market companies.”
Tipalti, which is valued at $2 billion, is based in Kibbutz Glil Yam, near Herzliya. It has about 1,400 customers and recently raised $150 million.