Find a list of your saved stories here

Forbes: Utah fintech unicorn Divvy set to be acquired in multibillion-dollar deal

Forbes: Utah fintech unicorn Divvy set to be acquired in multibillion-dollar deal

(Divvy)


Save Story

Save stories to read later


Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

DRAPER — Utah-based tech giant Divvy, a financial technology company, is in talks to be acquired by Bill.com in what could be a multibillion-dollar deal, Forbes reported on Tuesday.

Divvy recently achieved unicorn status, meaning it was valued at more than $1 billion as a private company.

The potential buyer, Bill.com, is a cloud software-based platform that helps businesses manage cash inflow and outflow. Divvy helps businesses manage finances and track expenses through free software that uses a corporate credit card — the company makes money the same way credit card companies do and get a portion of transactions made on the card.

According to the Forbes report, which cites anonymous sources with knowledge of the potential deal, the terms aren't finalized but an offer in the past had been discussed at around $2 billion.

In January, the financial tech startup was valued at $1.6 billion after a round of funding where $165 million was raised. Divvy did not respond to KSL.com's request for comment about a possible acquisition.

Related stories

Most recent Science stories

Related topics

ScienceUtah
Lauren Bennett is a reporter with KSL.com who covers Utah’s religious community and the growing tech sector in the Beehive State.

STAY IN THE KNOW

Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

KSL Weather Forecast