BILL to Buy Finmark to Expand Financial Operations Platform for SMBs

Financial automation software provider BILL has signed a definitive agreement to acquire financial planning and analysis software firm Finmark in a move to expand BILL’s cash flow insights and reporting capabilities.

Both companies’ products are designed for small and medium-sized businesses (SMBs), and the acquisition will expand BILL’s capabilities, according to a Thursday (Nov. 3) press release.

“We are building the essential financial operations platform for SMBs,” BILL Chief Product Officer Irana Wasti said in the release. “The acquisition of Finmark adds a powerful planning and cash flow analytics tool for SMBs and brings a very talented team to BILL.”

BILL — which announced Oct. 11 that it had changed its name from Bill.com — provides SMBs with automated solutions that manage payables, receivables, spend and expense management, and other financial workflows, according to the press release.

With the acquisition of Finmark and its strategic finance software, it will add automated tools that help SMBs to use integrated data to build financial forecasts, the release stated.

“We have a shared passion for helping SMBs succeed,” Finmark CEO and Co-Founder Rami Essaid said in the release. “With BILL’s platform, distribution ecosystem and scale, we will be able to help many more SMBs manage their business with more real-time insight and analysis.”

BILL’s automated solutions are used by 400,000 businesses — a threefold increase from a year earlier — the company’s management said during an earnings call in August.

When SMBs implement the company’s solutions and eliminate manual processes, they can save the 10 hours a week that they would have spent writing checks, attaching stamps and sealing envelopes, BILL CEO René Lacerte said during the call.

“There are more than 30 million small businesses in the U.S. and 70 million globally, and the majority still use manual, paper-based processes,” Lacerte said, adding that may change as SMBs look to do more with less in the face of rising prices and a potential recession.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.