Expense management software provider Certify has acquired Abacus, the US-based developer of a real-time expense reporting system, for an undisclosed amount enabling internet technology group Alphabet to exit.
Founded in 2013, Abacus has created a software platform where business expenses can be reported and reconciled in real time, and which it claims is capable of separating possibly erroneous or fraudulent bills.
The company had raised $3.5m in a 2014 seed round featuring Google Ventures, the Alphabet unit now known as GV, as well as Bessemer Venture Partners, General Catalyst Partners, CrunchFund, FundersClub, Homebrew, Sherpalo Ventures and assorted private investors.
Omar Qari, co-founder and chief executive of Abacus, said: “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.
“Learning more about how aligned our vision is with Certify’s helped us realise that the fastest way to achieve our goals was to join their organisation.”