BILL to Acquire Finmark, a Financial Planning and Analysis Software Company
BILL has announced the acquisition of Finmark, a financial planning software provider designed for small and midsize businesses (SMBs). This strategic move aims to enhance BILL's cash flow insights and reporting capabilities, making financial management simpler for SMBs. The acquisition is approved by both companies’ Boards and is expected to finalize by year-end, pending customary closing conditions. The integration of Finmark’s tools is projected to empower SMBs with automated forecasting and data-driven decision-making.
- Acquisition of Finmark enhances BILL's financial planning offerings.
- Finmark's tools provide automated cash flow insights and forecasting for SMBs.
- Strategic acquisition expected to increase BILL's market reach and operational capabilities.
- Terms of the acquisition not disclosed may raise concerns about valuation.
- Uncertainties associated with the integration of Finmark into BILL's existing platform.
Innovative budgeting and forecasting solution makes financial planning simple for SMBs
Expands BILL’s cash flow insight and reporting capabilities
Finmark’s intuitive financial planning solution makes it easy for SMBs to analyze their business holistically, turn insights into decisions, and forecast with confidence. Accounting firms also use Finmark’s software to automate many of the processes involved in providing additional strategic client advisory services, including forecasting and cash flow management.
“We are building the essential financial operations platform for SMBs,” said
“We are thrilled to join BILL,” said
Details Regarding the Proposed Acquisition
The transaction has been approved by the Boards of Directors of both Finmark and BILL, and is expected to close by the end of this calendar year, subject to customary closing conditions. Terms of the acquisition were not disclosed.
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.com’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: (i) failure of Finmark to obtain stockholder approval as required for the proposed transaction; (ii) failure to satisfy the conditions to the closing of the proposed transactions; (iii) successful completion of the transaction; (iv) unexpected costs, liabilities or delays in connection with or with respect to the proposed transaction; (v) the effect of the announcement of the proposed transaction on the ability of BILL or Finmark to retain and hire key personnel and maintain relationships with customers, suppliers and others with whom
About BILL
BILL is a leader in financial automation software for small and midsize businesses. 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
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006281/en/
IR Contact:
ksansot@hq.bill.com
Press Contact:
mheller@hq.bill.com
Source: BILL
FAQ
What is the purpose of BILL's acquisition of Finmark?
When is the expected close date for the acquisition of Finmark by BILL?
What benefits will SMBs gain from the acquisition of Finmark by BILL?