We are also joined by Blake Murray, CEO and Co-Founder of Divvy.īefore we begin, please remember that during the course of this call we may make forward-looking statements about the operations and future results of that involve many assumptions risks and uncertainties. With me on the call today is Rene Lacerte, Chairman CEO and Founder of and John Rettig, Executive Vice President and CFO. The press release can be found on the Investor Relations section of our website at. We issued our earnings press release a short time ago and furnished the related Form 8-K to the SEC. Welcome to 's fiscal fourth quarter and full-year 2021 earnings conference call. Together, we can further empower SMBs to transition quickly and easily.”įull details can be found on the investors site here.Thank you, operator. We have a shared passion for helping SMBs succeed and both companies are driving our customers’ digital transformations. We are excited to work with the talented Divvy team. Our expanded platform will provide more automation and real-time information to SMBs, enabling them to make more informed decisions. “Customers have been asking us to help them with their spend management, and I am excited that together with Divvy, we can deliver on that ask, furthering our vision to transform SMB financial operations. “Since founding, I have been driven by the desire to build solutions that make a real difference for small and mid-sized businesses,” said René Lacerte, CEO and Founder. Amazing to think the company went from wireframes in 2016 to a $2.5bn exit five years later.” “The company had no working product or employees yet. “I remember being pulled into a meeting early in the morning at SVB to listen to a founder show some wireframes and talk about their idea,” says Garcia in a LinkedIn post. Jason Garcia left Silicon Valley Bank to join Divvy as their head of Business Development, a role he held till March of last year. Today I’m proud that Divvy is joining to bring the one-stop-shop platform that our customers and the market have been asking for.” As we listened to our customers, we heard them ask for a comprehensive payments platform so that they don’t have to use multiple software systems to manage their finances. “At Divvy, our customers are our true north, and they always have been. “We are excited to be joining forces with to help SMBs grow and thrive by modernizing and transforming their financial operations,” said Blake Murray, Divvy CEO and Co-Founder. Utah investors in Divvy include Album Venture Partners, Pelion Ventures Partners, Josh James of DOMO, and Aaron Skonnard of Pluralsight. The deal entails a stock and cash transaction valued at approximately $2.5 billion, and pending regulatory approval, should finalize by October. Divvy, the Draper Utah based fintech startup helping employers manage company spending, is being acquired by, the San Jose based leader in cloud-based software to automate back-office financial operations.
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