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

Divvy

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

By Lauren Bennett, KSL.com | Posted - May 4, 2021 at 2:33 p.m.



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.

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