Expense management software provider Certify has acquired expense reporting solution Abacus in a deal that will see the brand grow its software portfolio.
Certify, which was purchased by K1 Investment Management and merged with Nexonia, Expensewatch and Tallie, says the acquisition will help it accelerate its growth and serve a more diverse range of customers. The company already serves more than 10,000 enterprise, mid-market and SMB customers in North America.
Founded in 2013 by Omar Qari, Josh Halickman and Ted Power, Abacus introduced the first real-time expense reporting methodology to the marketplace and has grown to serve more than 1,000 clients in North America.
The platform works by suggesting expenses to users by leveraging data and previous behaviour, which it says bypasses the traditional expense report to provide real-time visibility into company spend while minimising the risk of errors.
Omar Qari, CEO of Abacus, commented: “We are thrilled to join Certify’s family of brands. Teaming up with Certify will give our team the opportunity to grow Abacus’s market presence by leveraging Certify’s resources and expertise. Learning more about how aligned our vision is with Certify’s helped us realise that the fastest way to achieve our goals was to join their organisation.”
Robert Neveu, founder and CEO of Certify, added: “Acquiring Abacus strengthens and expands our management team, product set and domain knowledge. The company’s real-time expense management solution is unlike anything else in the marketplace. Omar and his team have done a tremendous job building Abacus and we look forward to helping them continue to grow their business while enhancing Certify’s leadership position in the spend management space.”
Hasan Askari, managing partner of K1 Investment Management, said: “K1 is committed to investing in companies and technologies that have achieved significant success in the market and are clearly positioned for explosive long-term growth. We are excited to see Certify expand its position as the largest independent provider of travel and expense management software by adding Abacus’s leading-edge technology to its portfolio.”