A Portland company that develops software for expense management has merged with a California firm in a deal valued at more than $1 billion.

Certify, which was co-founded in 2008 by CEO Bob Neveu, is joining Chrome River Technologies, a move that expands their combined customer base to more than 11,000 customers in 100 countries, according to a news release announcing the deal.

The companies develop software and products to monitor, manage and analyze corporate spending.

K1 Investment Management, which acquired Certify in 2017, will hold a majority stake in the combined organization, while existing shareholders, including the companies’ founders and Bain Capital Ventures, a private investment firm based in Boston, will retain a minority interest.

Initially, Certify and Chrome River will operate independently, with separate management teams focused on support for their existing products, according to the release. At the time of the K1 deal, Certify employed 90 people in Portland.

Going forward, the companies will collaborate on accelerating investments in technology such as machine learning, artificial intelligence, analytics and reporting, to provide customers with better travel, expense and invoice management capabilities.

“By bringing together Chrome River’s strengths in large enterprise and Certify’s strengths in mid-market and (small business markets), organizations of all sizes have the choice of technology suited to their specific requirements, rather than being forced to use a single product,” said Neveu in the release. “With increased financial resources, the combined organization will have an even stronger focus on innovation, ensuring our customers will continue to optimize their travel, expense and invoice automation technology investments.”

Certify is part of the Portland’s hub of payment processing companies, which includes Wex, Blue Tarp Financial, CashStar and others.

Copy the Story Link