Tipalti acquires cloud-based procurement solution provider Approve.com
By Pavithra R
California based Tipalti, a global payables automation platform provider, has announced that the company has acquired Approve.com, a cloud procurement solutions provider, to expand its portfolio of financial operations offerings. The financial terms of the deal were not disclosed.
Together, the companies will offer finance leaders seamless, modern, and advanced solutions to streamline manual processes which will enable their high-velocity customers to achieve their vision.
According to Tipalti, the acquisition makes it the only company dedicated to mid-market businesses that automate the entire Accounts Payable cycle from procurement through to payment.
“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,” said Chen Amit, Chief Executive Officer and Co-founder of Tipalti.
Founded in 2019, Approve.com provides an intuitive yet comprehensive cloud-based procurement solution that enables businesses to deploy a proper purchase order process rapidly. Its platform streamlines requisitions, approvals, real-time budgets, and vendor onboarding while delivering real-time spend controls and insights.
“We are excited to join the Tipalti family today. Both of our 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. Together, we will help mid-market companies optimize and scale their financial operational processes end-to-end,” said Approve.com CEO and Co-founder Bar Winkler.
Founded in 2010, Tipalti is a global payables automation solution to streamline all phases of the Accounts Payable (AP) and payment management workflow in one holistic cloud platform.