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’ press release.