Benzinga | Jul 19, 2021 10:30AM EDT

Bill.com To Acquire Accounts Receivable Software Firm Invoice2go For $625M

* Cloud-based software provider Bill.com Holdings Inc (NYSE:BILL) inked an agreement to acquire Invoice2go in a stock and cash transaction valued at $625 million.

* The company will offer 75% of the purchase price in stock and the remaining in cash.

* Invoice2go is a mobile-first accounts receivable (AR) software provider that empowers small businesses and freelancers to grow their client base, manage invoicing and payments, build their brand, and much more.

* Bill.com's payments expertise and go-to-market capabilities combined with Invoice2go's product capabilities can make it even easier for businesses to get paid quickly and electronically.

* Bill.com's payments platform and broad market reach with Invoice2go's deep AR expertise provide a unique opportunity to offer SMBs and freelancers a powerful platform to streamline their day-to-day financial operations and control their cash flow.

* Bill.com held $1.7 billion in cash and equivalents as of Mar. 31.

* Price action: BILL shares traded lower by 0.7% at $180.73 on the last check Monday.