The payments software company said Divvy revenue grew doubled year-over-year. The company lost $86.7 million in the most recently ended period, several times the $26.7 million in losses a year earlier. That included stock-based compensation of $53.9 million, compared to $10.7 million in last year’s corresponding period. First-quarter revenue was $166.9 million, rising from $59.7 million the prior year. “Our first priority is to integrate the go-to-market and product offerings of Divvy and Invoice2go,” CEO Rene Lacerte said during Bill.com’s recent earnings call. That includes cross selling Divvy to Bill.com customers. Lacerte said early integration features simple, consistent navigation across the applications, single sign-on and accounting software integration. CFO John Rettig noted the company ended the quarter with 126,800 Bill.com organic customers, having added 5,600 new ones during the period. There were 13,000 business using Divvy’s payment cards, up 2,800 net new, and 226,000 subscribers using Invoice2go's AR product as of September. Subscription revenue increased 43 percent $35 million, with organic subscription growth accelerating to a 39-percent increase.
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BILL.COM 1Q SOARS ON M&A Featured
The acquisitions of Divvy and Invoice2Go dramatically increased revenue for Bill.com for the first quarter ended March 31. The GAAP loss was up sharply while revenue rose by 152 percent over last year’s corresponding period with organic core revenue up 78 percent.