Tipalti buys Approve.com in all-Israeli fintech merger

Chen Amit  / Photo: PR
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
Big banks CEOs credit: Oren Dai, Jonthan Bloom and Israel Hadari Israeli banks unveil NIS 3b customer benefits package

The benefits over two years meet the target set by the Bank of Israel to ease the burden for customers, while the banks are reporting record profits.

Eilat's old airport Photo: Shutterstock Building set to begin on former Eilat airport land

2,469 housing units will be built as well as 2,776 hotel rooms, 88,000 square meters of office space and 95,000 square meters of commercial space.

Liron Horshi credit: Jonathan Bloom Wiz's talent manager nurtures $1b workforce

Wiz's $32 billion sale to Google was rooted in the cloud security product if offers but could not have been achieved without the quality of its employees built by human resources chief Liron Horshi.

Gas station in Israel credit: Tali Bogdanovsky Gasoline prices in Israel to rise Monday night

The maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel will rise on Monday at midnight April 1, 2025, by NIS 0.08 per liter to NIS 7.31 per liter.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Givatayim, Ra'anana, Modiin-Maccabim-Reut, Gedera, Kiryat Shemona and Ashkelon.

Fencing goes up Petah Tikva's Segula neighborhood  credit: NTA The Metro is really happening

Although there are skeptics who doubt that the project will ever be realized, there are now enough signs on the ground to indicate that they are probably wrong.

Ben Gurion airport Terminal 1 credit: Shutterstock Ben Gurion airport's Terminal 1 reopens

Terminal 1 at Ben Gurion airport reopened yesterday to domestic flights, while international flights will start using the terminal from Sunday, March 30.

Minister of Interior Moshe Arbel credit: Cadya Levy Interior Minister: There is no deep state in Israel

Minister of Interior Moshe Arbel told the Globes Services conference that civil servants are dedicated employees who serve the public.

Minimum wage credit: Tali Bogdanovsky Minimum wage in Israel to rise next week

The monthly minimum wage in Israel will be revised upwards by 6%.

Bank of Israel  credit: Shutterstock/Alon Adika Bank of Israel slams gov't fiscal policy

Governor Prof. Amir Yaron wrote in the annual report that the government's measures are not enough to ensure a sustained decline in debt-to-GDP ratio.

Minister of Justice Yariv Levin credit: Noam Moskovitz Knesset Spokesperson Knesset passes Judicial Selection Law

The new law makes judicial appointments subject to political control.

Airbnb credit: Reuters Knesset ignores Airbnb tax evasion loophole

The Israel Hotels Association has slammed the government's indifference to tax evasion by Airbnb landlords, which it insists promotes unfair competition.

GMT CFO Eran Tibon credit: PR Political tensions tempt Israelis to move funds abroad

According to data from advanced financial services company Global Money Transfer, steps taken by the Israeli cabinet to oust Shin Bet chief Ronen Bar, and Attorney General Gali Baharav-Miara, could cause capital to flee Israel.

Sde Dov credit: Guy Yehieli Tenders close for 2,744 more homes in Sde Dov

Four tenders closed last month for the north Tel Aviv district saw a decrease of about 40% in the prices of land, and there is great interest in the prices these latest tenders will fetch.

Rafael CEO Yoav Turgeman credit: Rafael Spokesperson Rafael CEO: Iron Beam will be ready in 2025 as promised

In presenting record financial results for 2024, Yoav Turgeman tells "Globes" that the high energy laser weapon system will be operational this year.

Tel Aviv credit: Shutterstock Rent rises moderate due to emigration and reserve duty

Rents only rose 4% in 2024, the Bank of Israel reports, despite the large number of evacuees, due to the negative migration balance and the large number of young people in the army reserves.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018