Palo Alto – March 6, 2019 – Cooley advised Chrome River Technologies on its merger with Certify, a combination valued at more than $1 billion that brings together two global leaders in travel, expense and invoice management software. Partners Mark Tanoury, Eric Schwartzman and David Silverman led the Cooley team advising Chrome River on the transaction.
K1 Investment Management will hold a majority stake in the combined organization, while existing shareholders, including the companies’ founders and Bain Capital Ventures, will retain a minority interest.
“Over the past 11 years, Chrome River has established itself as the leader for global enterprises looking for sophisticated, highly scalable, expense and invoice management software,” said Alan Rich, CEO and co-founder of Chrome River, in a statement. “Combining our resources with those of Certify, we can continue toward our goal of delivering the most innovative and agile solutions on the market. I look forward to the combined organization continuing to earn an even greater share of a rapidly-growing industry.”
The merger creates the industry’s most comprehensive suite of products for monitoring, managing and analyzing corporate spend. Initially, Certify and Chrome River will operate independently, with separate management teams focused on support for their existing products. The companies will support all existing products and collaborate on accelerating investments in technology areas such as machine learning, artificial intelligence, analytics and reporting.
Chrome River provides expense and invoice automation solutions that let business flow for more than 1,000 organizations worldwide.
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