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MoFo Advises Divvy in Its c.$2.5 Billion Sale to Bill.com

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Morrison & Foerster advised Divvy, a leader in spend management, in its sale to Bill.com (NYSE: BILL), a provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs). On May 6, 2021, Bill.com entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at approximately $2.5 billion.

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Morrison & Foerster advised Divvy, a leader in spend management, in its sale to Bill.com (NYSE: BILL), a provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs). On May 6, 2021, Bill.com entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at approximately $2.5 billion.Headquartered in Draper, Utah, Divvy modernizes finance for business by combining expense management software and smart corporate cards into a single platform. The combination will enable Divvy to offer automated payable, receivables, and workflow capabilities to the more than 7,500 monthly active SMBs that it serves.The MoFo team advising Divvy was led by San Francisco partner and global co-chair of the Corporate Department Eric McCrath and Denver Corporate partner Erik Knudsen, together with Denver Corporate associates Chere See and Astrid Muharram.Read more about the transaction in the companies’ <a target="_blank" href="https://www.businesswire.com/news/home/20210506006169/en/Bill.com-to-Acquire-Divvy-a-Leader-in-Spend-Management-for-SMBs">press release</a>.

MoFo Advises Divvy in Its c.$2.5 Billion Sale to Bill.com

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Eric T. McCrath is the Chair of Morrison Foerster.Eric has been a trusted advisor on hundreds of public and private M&A, private equity, and financing transactions over the course of his career. As part of his market-leading M&A practice, he counsels strategic acquirers and targets in a variety of industries, including technology (semiconductors, software, AR/VR, FinTech, AI), healthcare, consumer products, financial institutions, media, gaming, and transportation. He represents leading U.S. and global companies and regularly advises on complex cross–border transactions.Eric is regularly recognized by leading publications, including Legal 500 US and Chambers USA, with client sources describing him as “greatly skilled at advising on the most complex and high–profile M&A transactions,” and noting that he “combines strong technical skills and a flair for complexity with commercial awareness, pragmatism and sound judgment.”Eric joined Morrison Foerster as a partner in 2007. He has held multiple leadership roles at the firm prior to being elected chair in June 2022. He has been a member of Morrison Foerster’s Executive Committee since 2016, the Compensation Committee since 2019, has served as Global Co-Chair of the firm’s Corporate Department of over 400 lawyers since 2018, and has also held a number of practice leadership roles.A diverse lawyer of Asian heritage, Eric is also one of the longest-standing members of Morrison Foerster’s Diversity Strategy Committee, having served since 2010.

Eric McCrath

Chair

Erik Knudsen is a corporate partner and serves as co-chair of the firm's Transactions Department. He is also a member of the Mergers + Acquisitions and Private Equity Investments + Buyouts practice groups.Erik focuses his practice on complex business transactions, including leveraged buyouts, strategic mergers, acquisitions, investments and joint ventures, reorganizations, growth equity and venture capital investments, and divestitures.With a broad industry reach, Erik has led transactions in diverse sectors such as healthcare, industrial, software, internet, technology, business services, distribution, and manufacturing. His industry‑specific knowledge and comprehensive understanding of the private equity market and corporate counsel requirements position him as a trusted advisor for clients navigating complex business landscapes.

Erik G. Knudsen

Co-Chair of Transactions Department

Chere See is a corporate partner in the Denver office of Morrison Foerster. Chere represents public and private companies in a variety of transactional matters, with a focus on mergers and acquisitions (M&A).Chere advises clients in domestic, cross-border, and multijurisdictional acquisitions and divestitures, joint ventures, strategic investments, securities offerings, and general corporate matters. Chere has advised clients across a broad range of industries, including companies operating in the technology, finance, semiconductor, consumer goods and retail, and healthcare industries.Chere is a member of the firm’s Artificial Intelligence Group and co-leads the firm’s AI M&A Initiative.Prior to joining Morrison Foerster, Chere was an associate in the New York and London offices of a top international law firm, where she advised on M&A and capital markets transactions.Chere earned her J.D. cum laude from Harvard Law School, where she served as vice president of the Harvard Law School Advocates for Human Rights. Prior to law school, she graduated as valedictorian from New York University College of Arts and Science.

Chere See

Partner

Astrid Menendez-Muharram is a corporate partner in the firm’s Miami office, focusing her practice on advising clients on complex domestic and cross-border transactions, with an emphasis on M&A and private equity transactions, both in the United States and Latin America. Astrid has significant experience representing businesses and private equity funds (and their portfolio companies) in a broad range of corporate matters, including strategic mergers, acquisitions, joint ventures, growth equity and venture capital investments, and divestitures.Astrid advises clients in all aspects of their investment activity across a wide variety of industry sectors, including consumer and retail; defense and government services; food and agriculture; aerospace and transportation; business services; technology; and industrials.She speaks fluent Spanish.

Astrid Menendez-Muharram

Mergers + Acquisitions