Certify声明周二表示，还将合并发票管理软件的两次旅行和费用提供商，也将合并价值超过10亿美元的交易。它还重新调整市场，并使投资者在这一部门的这一交易中，这两个部门的甚至更大的球员，两个花费的分析师表示。
Portland, Maine-based Certify and L.A.-based Chrome River initially will operate separately but will collaborate on investing in technology like artificial intelligence, machine learning, analytics and reporting, the公告said.
The companies have more than 11,000 combined customers across more than 100 countries, the announcement said. The merger also adds Chrome River to Certify’s other brands, like Nexonia, Tallie, Abacus and Captio, the announcement said.
Merger Analysis
花费重要的创始人和分析师Jason Busch提供了一些关于交易如何重塑市场的透视。
“Chrome River和Certify的组合继续在近年来推动证书的T＆E卷起模型上建立。Certify的过去的收购包括ExpenseWatch，Tallie，Nexonia，Abacus和Captio，“Buarch说。“对此混合来说，Chrome River在应付账款自动化区域中增加了另一种T＆E解决方案（和收入）以及扩展能力。
“虽然仍然小于SAP Concur交易，但该交易传统的可能性是两个更大的提供商和一系列碎片的小型供应商的潜力，并妥协了市场的少数份额。”
Investment Analysis
该公告说，在Cherify-Chrome河交易中，K1投资管理将在合并组织中持有大多数股份，并在内的现有股东，包括公司的创始人和贝恩资本企业，将保持少数民族利益。
皮埃尔米切尔那花费很重要’ chief research officer, takes a look at the investor and a broader view of the Certify transaction.
“This deal is more than just two major players in the T&E space joining forces on their own,” Mitchell said. “K1 Investment Management, a previous investor in CLM provider Apttus, clearly sees the $8 billion payout that SAP made in Concur and is hoping to replicate that by establishing a dominant best-of-breed player that’s not owned by an ERP firm (SAP) or source-to-pay player (邮费).
“An enterprise player like Expensify might win on user experience for expense capture, reporting and reimbursement, but the travel booking side isn’t to be ignored. As part of this rollup, Certify got a $125 million infusion of cash from K1 in 2017 to integrate Nexonia, ExpenseWatch and Tallie, but then the provider also acquired corporate travel booking provider NuTravel (and also a few other firms like Abacus and Captio),” Mitchell said.
“Chrome河的部分是在一个有力的竞争者e space and seems to actually have more employees than Certify. On the Certify side, it has some compelling aspects of its solution such as its mobile functionality like receipt scanning/parsing capability, but its overall desktop is tired — even though functionally rich."
Mitchell said it will be interesting to see how K1 integrates these firms — similar to Concur's application platform/marketplace approach — rather than making them a "Frankensuite" player of T&E apps.
“但是，根据此速度，K1将成为市场上的两个领先的T＆E玩家之一，然后k1将希望获得帅气的投资回报。”
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