Tipalti acquires Approve.com

Israeli fintech company Tipalti has acquired Tel Avivbased Approve.com, a cloud procurement-solutions provider, to expand its portfolio of financial-operations offerings, Tipalti said in a press release Tuesday.

The value of the deal was not disclosed. The transaction is expected to close in the coming months.

The acquisition makes Tipalti the only company that automates the entire accounts-payable cycle from procurement through to payment, it said.

Approve.com provides a cloud-based procurement solution that enables businesses to rapidly deploy a purchase-order process, streamlining requisitions, approvals, real-time budgets and vendor on-boarding, while delivering real-time spend controls and insights.

Tipalti, which is valued at $2 billion, is based in Kibbutz Glil Yam, near Herzliya. It has about 1,400 customers and recently raised $150 million. • Zev Stub