Captio, a Spain-based expense management platform backed by financial services firms Banco Sabadell and Bankinter, has been acquired by expense management software provider Certify.
Financial terms of the transaction have not been disclosed. It marks Certify’s first acquisition outside North America, and the firm will use it as a base to enter the European market, with a specific focus on Spain, Portugal, Italy and France.
Captio was founded as invoicing services provider OnGest in 2009 but pivoted to its current name and business model in 2012. It operates a cloud-based automated expense management service that aims to help prevent fraud and facilitate legal and tax compliance.
Joel Vicient, co-founder of Captio, will join Certify’s leadership team and the company’s in-country managers will also move across. The company’s platform will be integrated into Certify’s product suite.
Captio most recently raised $1.1m in a 2016 round led by Sabadell’s strategic investment arm, Sabadell Venture Capital, with participation from Bankinter and venture capital firms Venturecap, Telegraph Hill Capital and Kibo Ventures.
Bankinter, Telegraph Hill and Kibo had already participated in a $2.8m round for Captio in 2015 alongside European Union Agency for Network and Information Security.
Telegraph Hill supplied an undisclosed amount of funding or the company in 2014, after Venturecap and assorted angel investors had invested $385,000 the year before.
Vicient said: “This is an exciting day for Captio and its customers. For six years we have worked very hard to create a tool that makes it easier for business travellers to record their expenses and for companies to manage those expenses and simplify reimbursement.
“We are proud of the progress we’ve made and the success of our customers. Aligning with Certify will allow us to expand our product further, enhance support to existing customers, and secure new customers while accelerating our plans for growth.”