Bill.Com Strengths, Domain Expertise, and Key Differentiators
The Bill.com cloud-based Payment Management Platform automates, streamlines, and controls payments process to ensure that no business is left behind in the growing digital economy. With the addition of Invoice2Go and Divvy, this rounds out the offering to also extend to accounts receivable and spend management.
Bill.Com Recent Developments
Bill.com has gone public. On September 21, 2021 Bill.com Holdings, Inc. announced that it proposed to offer pursuant to an underwritten public offering $1.0 billion in shares of its common stock, while also intending to grant the underwriters of the shares a 30-day option to purchase up to an additional $150.0 million in shares. A day later, the size of the offering was increased to $1.2 billion of shares of common stock, again granting the underwriters of the shares 30-day option to purchase up to an additional 661,764 shares. This priced its public offering of 4,411,765 shares at a price to the public of $272.00 per share. On September 24, it closed its public offering with the purchase of $1.38 Billion of common stock, including full exercise of underwriters’ $180.0 million option to purchase additional shares. This includes 5,073,529 shares at the price of $272.00 per share.
Bill.com intends to use the net proceeds of the offering for general corporate purposes, which may include working capital, capital expenditures and potential acquisitions and strategic transactions. While Bill.com occasionally evaluates potential acquisitions and strategic transactions involving businesses, technologies, or products, it has not designated any specific uses and has no current agreements with respect to any acquisitions or strategic transactions.
This public offering comes right after the acquisition of Invoice2go, a mobile-first accounts receivable (AR) software provider, in September 1st. Shortly after the IPO was completed Former GoDaddy CEO Scott Wagner joined Bill.com Board of Directors.
In April 2021 Bill.com announced integrations with Microsoft Dynamics 365 aimed at enabling joint customers to pay and get paid quickly and easily. This is essentially an expansion of Bill.com’s partner ecosystem to include Microsoft Dynamics 365, including Microsoft Dynamics 365 Business Central and Microsoft Dynamics GP. This integration is a two-way automated sync, delivering native payment capabilities for Microsoft customers in a complete AP solution. Mutual customers will be able to save time and scale with confidence through the integrations’ accounts payables (AP) and accounts receivables (AR) intelligent automation workflows and payments.
In May 2019, Bill.com introduced the industry’s first platform leveraging artificial intelligence to provide end-to-end financial workflow automation. The new Bill.com Intelligent Business Payments Platform streamlines and controls payment processes while saving SMBs and midsize companies time and reducing human error.
In July 2018, Bill.com, U.S. business payments service, unveiled Bill.com International Business Payments. Now Bill.com customers can pay international vendors electronically, making cross-border business payments just as easy as domestic. This gives Bill.com users a simple, cost-effective and seamless way to transact globally. With Bill.com International Business Payments, users can now pay both international and domestic vendors electronically using one simple process, while getting visibility and control with detailed payment information all in one place. In addition to significant time savings, Bill.com saves its users over 50 percent on the cost of international wire transfer fees compared to most banks. Bill.com International Business Payments is available in more than 25 countries where cross-border business payments are most common with additional countries due to launch in the coming months. The expanded service provides users with all of the popular Bill.com features. It includes the same automated approval process, seamless integration with leading accounting software, simple vendor management, and online document storage.
Bill.Com Mergers and Acquisitions (M&A) Activities
In September 2021, Bill.com completed its acquisition of Invoice2go, a mobile-first accounts receivable (AR) software provider. The value of this acquisition lies in having strong payables (Bill.com) and receivables (Invoice2go) solutions on one platform, enabling customers to have visibility into payments coming and going, providing more control in managing their cash. The accounts receivable expertise and international footprint that the Invoice2go team brings, will accelerate Bill.com’s vision to be the one-stop solution for businesses to transform their financial operations, making it easier for businesses to get paid quickly and electronically. The acquisition will enhance Bill.com’s current accounts receivable offering and supports Bill.com’s mission to make it simple to connect and do business.
In June 2021, Bill.com completed its acquisition of spend management vendor Divvy for approximately $2.5 billion in stock and cash. The combination of Bill.com and Divvy helps small and mid-sized businesses to manage, track and control all their business-to-business spending from a single solution.
Bill.Com Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Bill.Com applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Bill.Com and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Bill.Com, customers.
Bill.Com Overview
Ownership: - BILL : NYSE
Number of Employees: 1384
Functional Markets: ERP Financial,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communication, Construction, Real Estate, Consumer Packaged Goods, Distribution, K337, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Bill.Com Key Enterprise and Cloud Applications
Bill.Com,
Bill.Com Revenues, $M:
| Type/Year | 2020 | 2021 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Bill.Com Revenue Breakdown By Type, $M:
| Type | License | Prof. Services | Hardware | Support & Maintenance | SaaS | PaaS | IaaS | Other (Non Enterprise Application Revenues) | Total |
|---|---|---|---|---|---|---|---|---|---|
| % of Total Revenues | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | 100% |
| Revenues, $M | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe |
Bill.Com Enterprise Applications Revenues By Functional Markets, $M:
Bill.Com Enterprise Applications Revenues By Verticals, $M:
Bill.Com Revenues By Region, $M
| Region | % of Total Revenues | 2021 Total Revenues, $M | 2021 Enterprise Applications Revenues, $M | 2021 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Bill.Com Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Bill.Com Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Bill.Com Customers
No. of Bill.Com Customers: 121000
No. of Bill.Com Enterprise Applications Customers: 121000
No. of Bill.Com Cloud Customers: 100000
No. of Bill.Com Cloud Subscribers: 1000000
Bill.com serves more than 2.5 million companies, including SMBs, accounting firms, and wealth management companies. Banks also offer its tools and services to their small business customers. Bill.com customers are Iconis Group, Sea View Partners, CourseSmart, Hernandez&Company, Burger King, Readyforce, McDonald's, Soutirage Wine, Zong, Propeller Industries, Harshman Phillips&Company, Miracle Ear, Mozilla Foundation, and others.
Bill.Com Market Opportunities, M&A and Geo Expansions
The Invoice2Go and Divvy acquistions considerably expanded the opportunities for Bill.com to expand its footprint in existin customers and also in attracting new customers with a more complete solution for managing cash flow. Partnerships also expand its opportunity. One example: managed accounting solution KPMG Spark has selected Bill.com to be its new partner to help automate bill pay.
KPMG Spark is a business unit of KPMG and connects small and medium-sized businesses (SMBs) with a bookkeeper to provide services. Bill.com facilitates those services with automated bill payments (which can route clients’ bills and save them time), numerous flexible payment options such as same- or next-day payments and a single platform that can be accessed from any device. Brightflag, which provides software that helps companies manage their legal spending and legal matters, has rolled out a connection for its users to link up with Bill.com.
In August 2019, Bill.com appointed Josh Goines as Senior Vice President of Strategic Partnerships. In this new role, Goines will lead the company's strategic relationships with technology companies, including Intuit, and partnerships with some of the largest U.S. financial institutions. Goines also will identify new partnership opportunities for Bill.com.
In April 2019, Bill.com unveiled an $88M funding round led by Franklin Templeton with participation from Mastercard, Fidelity Investments Canada ULC and others.
In February 2019, Bill.com is expanding its operations to Houston as the company enters a new phase of growth. With plans to open its 25,000 square foot space in the Westchase district in Spring 2019, the company is actively hiring a team including developers and customer support professionals with other roles to follow.
In October 2017, JPMorgan Chase & Co and Temasek Holdings have led a $100 million investment in Bill.com that helps business digitize their payments.
Bill.Com Risks and Challenges
With the advent of a whole host of mobile payments services, the challenge for Bill.com is whether to embrace them while still retaining its B2B focus.
Bill.Com Ecosystem, Partners, Resellers and SI
In April 2019, Bill.com partnered with MasterCard to offer faster, automated payments for small and midsize business customers.
Bill.com partners with the largest U.S. financial institutions, more than 70 of the top 100 accounting firms, major accounting software providers including NetSuite, Intacct, QuickBooks and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA)
Bill.Com Cloud Infrastructure Insights
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- Bill.Com Public Cloud and Infrastructure (IaaS)
- Bill.Com Platform (PaaS)
- Bill.Com Application Delivery
- Bill.Com Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
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