BILL Completes Acquisition of Finmark

Rhea-AI Summary

BILL (NYSE: BILL), a leader in financial automation software for SMBs, has successfully acquired Finmark, a financial planning software provider. This acquisition aims to enhance BILL's offerings, enabling SMBs to gain comprehensive cash flow insights and streamline financial operations. CEO René Lacerte emphasized the shared vision of supporting SMBs' success, while the Chief Product Officer highlighted the added capabilities and integrations Finmark brings to BILL’s platform. The deal is positioned to accelerate digital transformations for SMBs across markets.

Positive

• Acquisition of Finmark enhances BILL's financial planning capabilities for SMBs.
• Finmark's integration will provide comprehensive, real-time cash flow insights to users.
• The acquisition is poised to accelerate digital transformation for SMBs, expanding BILL's reach.

Negative

• Potential integration challenges could affect operational efficiency post-acquisition.
• There may be risks related to retaining key Finmark personnel after the acquisition.

Empowering SMBs with financial planning and analysis software including cash flow insights and dashboards

SAN JOSE, Calif.--(BUSINESS WIRE)-- BILL (NYSE: BILL), a leader in financial automation software for small and midsize businesses (SMBs), today announced it has completed its acquisition of Finmark, a leading financial planning software provider that simplifies financial planning and cash flow insights for SMBs.

“We are excited to welcome the Finmark team to BILL,” said René Lacerte, BILL CEO and Founder. “We have a shared passion to help SMBs succeed. Together, we will accelerate our vision to build the essential financial operations platform for SMBs.”

“Finmark brings a talented team and a powerful, easy-to-use planning and insights tool to BILL,” said Irana Wasti, BILL Chief Product Officer. “With Finmark’s financial planning software and integrations, combined with our platform and data, we’ll be able to offer SMBs more comprehensive, real-time insight into their cash flow and help them plan for the future.”

“We are thrilled to join BILL as we have long admired their dedication to serving SMBs by helping them automate their financial operations,” said Rami Essaid, CEO and Co-Founder of Finmark. “With BILL’s all-in-one financial operations platform, distribution ecosystem, and scale, we will be able to help many more SMBs on their digital transformation journey.”

Accountant testimonial

“SMBs and founders are looking for advisors to keep their financial operations in working order, while navigating towards the future. Long gone are the days where the value of an accountant’s work is on the recording of history — the future of finance is forward looking. The acquisition of Finmark brings an unrivaled depth to BILL’s tech stack, empowering the accounting community to orient work with their customers to serve these needs.” - Matt Gardner, CPA, CEO and Co-Founder of hiline.

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’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: BILL’s ability to successfully integrate Finmark, the effect of the transaction on the ability of BILL or Finmark to retain key personnel and maintain relationships with customers, suppliers and others, the outcome of any legal proceeding related to the transaction and competitive pressures in the markets in which BILL and Finmark operate. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and BILL disclaims any obligation to update these forward-looking statements.

About BILL

BILL (NYSE: BILL) is a leader in financial automation software for small and midsize businesses (SMBs). 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.

About Finmark

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. For more information visit https://finmark.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221116005968/en/

IR Contact:

Karen Sansot

ksansot@hq.bill.com

Press Contact:

Mark Heller

mheller@hq.bill.com

Source: BILL

FAQ

What is the impact of BILL's acquisition of Finmark?

The acquisition enhances BILL's financial planning capabilities, providing SMBs with better cash flow insights and operational efficiency.

When did BILL acquire Finmark?

BILL announced the completion of the acquisition of Finmark in a press release dated November 16, 2022.

What are the benefits of the Finmark acquisition for BILL?

The acquisition allows BILL to offer more robust financial planning tools, aiding SMBs in their financial operations and digital transformations.

How does the Finmark acquisition affect BILL’s stock performance?

The acquisition is aimed at expanding BILL's services and customer base, potentially leading to improved stock performance if successfully integrated.

What is BILL's strategic vision following the acquisition of Finmark?

BILL aims to build an essential financial operations platform for SMBs, leveraging Finmark's capabilities to enhance its service offerings.