Tipalti buys Approve.com in all-Israeli fintech merger

Chen Amit  / Photo: PR

Financial terms were not disclosed. Approve provides cloud procurement solutions.

Israeli payables automation platform Tipalti has announced the acquisition of Approve.com, a cloud procurement solutions provider, to expand its portfolio of financial operations offerings. "Together, Tipalti and Approve.com will offer finance leaders seamless, modern, and advanced solutions to streamline manual processes which will enable their high-velocity customers to achieve their vision," he companies' announcement said. Financial details of the transaction were not disclosed.

Tipalti co-founder and CEO Chen Amit said, "With the acquisition of Approve.com, we will help finance organizations at growth-oriented companies scale more efficiently, focus more of their resources on driving company strategy, improve company-wide spend visibility, and greatly strengthen their spend and financial controls. Procurement is an important part of our long-term product vision."

Approve was founded in 2019 by Bar Winkler, Shlomy Amsalem, and Amit Mittelman. Six months ago, the company announced a $5 million seed funding round led by the Aleph fund. Its 19 employees will join Tipalti, and will initially remain in their offices in Tel Aviv.

Tipalti's development center is located at Kibbutz Glil Yam, next to Herzliya. 160 of Tipalti's 480 employees are in Israel. The company was founded in 2010 by Chen Amit and Oren Zeev. It has raised $280 million since it was founded and in its last fund-raising round it was valued at over $2 billion. It claims that its technology reduces the workload on enterprise payment departments by 80%.

Published by Globes, Israel business news - en.globes.co.il - on April 13, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Chen Amit  / Photo: PR
Chen Amit / Photo: PR
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