INSUBCONTINENT EXCLUSIVE:
Expense management software provider Certify is beefing up its artillery against rival Concur with the acquisition of Abacus, which enables
companies to deal with expenses in real time
The deal financial terms were not disclosed
The addition of Abacus will help Certify, which includes other expense management solutions like Nexonia and ExpenseWatch under one
umbrella, become a stronger rival to SAP-owned Concur by reaching new customer segments.Founded by Omar Qari, Josh Halickman and Ted Power,
Abacus says it was the first real-time expense reporting solution on the market when it launched in 2013
The Y Combinator alum, whose investors included General Catalyst, Bessemer Venture Partners, Google Ventures and Salesforce Ventures,
currently counts 1,000 customers
Its team will join Certify and the Abacus product will continue to be independent.Expenses are a bane for everyone involved: the employees
who need to turn in receipts, the managers who have to approve them and everyone in the finance department who needs to reconcile corporate
credit cards and make sure company policy is followed
Abacus eases their pain with features like automatic expense suggestions and Slack integration for employees.For companies, it lets them set
prompts to enforce spending limits and make sure details, like client names, are filled in correctly
If expenses need to be approved by specific managers or departments, Abacus routes them to the right person
Real-time analytics also help companies make quick budget decisions.Abacus& clients include Betterment, Dropbox, GLG and North American
In an email, Qari, the CEO of Abacus, told TechCrunch that Abacus is a good fit for &companies that need out-of-the-box flexibility in
approval flows, spending controls and ERP sync.&For example, he said North American Substation Services, which provides installation, repair
and maintenance work for high-voltage stations, uses Abacus to speed up its account receivables by billing back expenses closer to when they
actually happened, while Dropbox chose Abacus to reimburse interview candidates more quickly.Certify was acquired by K1 Investment
Management last year and combined with expense management software providers Nexonia, ExpenseWatch and Tallie to serve a total of 10,000
Certify says this makes it the largest competitor to Concur.Each brand operates independently, serving its own niche, like Abacus will
Qari said that &in a prospect overlap analysis, we found hardly any opportunities are common across the portfolio, highlighting how unique
The expense management industry typical customer profile is fairly fragmented, so it going to take multiple solutions approaching the space
from multiple angles to fully satisfy market demand.&
