Overview of Transaction

• On May 6, 2021, Bill.com (NYSE:BILL) announced it has entered into a definitive agreement to acquire Divvy in a stock and cash transaction valued at approximately $2.5 billion
• Bill.com will acquire Divvy for $625 million in cash and approximately $1.875 billion of Bill.com Common Stock, subject to customary adjustments for transactions of this nature
• Divvy modernizes finance for business by combining expense management software and smart corporate cards into a single platform
• Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses (SMBs)

Significance of Transaction

• The combination will expand the market opportunity for both companies
• Bill.com can offer expense management and budgeting software combined with smart corporate cards to its more-than 115,000 customer base and its network of 2.5 million members
• Divvy will be able to offer automated payable, receivables, and workflow capabilities to the more-than 7,500 active customers that it serves

FT Partners' Role

• FT Partners served as exclusive financial and strategic advisor to Divvy and its Board of Directors
• FT Partners previously advised Divvy on its $165 million Series D financing in January 2021, demonstrating FT Partners’ long-term commitment to its clients, and the repeat nature of many of FT Partners’ advisory engagements
• This transaction underscores FT Partners' deep payments and software domain expertise, as well as our successful track record generating highly favorable outcomes for high-growth, unicorn FinTech companies globally