PORTLAND, Maine, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Certify announces the acquisition of Abacus, the leading real time expense reporting solution. Financial terms of the deal are not being disclosed. Certify, which was purchased last year by K1 Investment Management and merged with Nexonia, ExpenseWatch and Tallie, is taking a unique, multi-brand approach in its effort to change the expense management landscape. Adding Abacus to its product portfolio allows Certify, which already supports more than 10,000 enterprise, mid-market and SMB customers in North America, to accelerate its growth and serve a more diverse range of customers as the largest independent provider of travel and expense management software.
Abacus, founded in 2013 by Omar Qari, Josh Halickman and Ted Power, introduced the first real time expense reporting methodology to the marketplace and has seen significant growth, today serving more than 1,000 customers such as Betterment, GLG and North American Substation Services. Abacus’ technology suggests expenses to users by leveraging data and previous behavior, bypassing the traditional expense report to provide real time visibility into company spend while minimizing the opportunity for error.
“We are thrilled to join Certify’s family of brands. Teaming up with Certify will give our team the opportunity to grow Abacus’ market presence by leveraging Certify’s resources and expertise,” says Qari, CEO of Abacus. “Learning more about how aligned our vision is with Certify’s helped us realize that the fastest way to achieve our goals was to join their organization.”
“Acquiring Abacus strengthens and expands our management team, product set and domain knowledge,” says Robert Neveu, founder and CEO of Certify. “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.”
“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,” says Hasan Askari, Managing Partner of K1 Investment Management. “We are excited to see Certify expand its position as the largest independent provider of travel and expense management software by adding Abacus’ leading edge technology to its portfolio.”
About Abacus
Abacus is the leading real time expense reporting solution. It is the easiest way for you to reimburse your team, implement your expense policy, and reconcile corporate credit cards throughout the month. Businesses like Quora, Dropbox and California Closets use Abacus as a smarter way to manage expenses. Learn more at www.abacus.com.
About Certify Inc.
Certify was founded in 2008 in Portland, ME and in 2017 was purchased by K1 Investment Management and combined with Nexonia and Tallie Brands to create the largest independent global provider of travel and expense management software. Today, Certify operates all three brands with unique online travel and expense management solutions for different customer segments; its rapidly growing customer base includes over 10,000 customers in 90+ countries. For more information about Certify, please call 207.773.6100 or go to www.certify.com.
About K1 Investment Management
K1 is an investment firm focusing on high-growth enterprise software companies globally. K1 seeks to help dynamic businesses achieve successful outcomes by identifying and executing organic and acquisition-based growth opportunities that position its companies as industry leaders. K1 typically invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. K1's investments vary in the level of ownership in order to meet the needs of entrepreneurs and managers. For more information about K1, please visit www.k1capital.com.
Media contact:
Kevin Wolf
TGPR
(650) 483-1552
kevin@tgprllc.com