Chrome River initially will operate separately, but will collaborate on investing in technology like artificial intelligence, machine learning, analytics and reporting, a joint announcement said. The merger also adds Chrome River to Certify’s other brands, like Nexonia, Tallie, Abacus and Captio.
In the Certify-Chrome River deal, K1 Investment Management will hold a majority stake in the combined organization, and existing shareholders, including the companies’ founders and Bain Capital Ventures, will keep a minority interest, the announcement said.
Certify is a cloud-based travel and expense management solution for organizations of all sizes that offers automated expense reporting. With prescheduled, auto-generated expense report creation and mobile capabilities, Certify eliminates the need for paper receipts and spreadsheets, and provides insight into travel and expense spend with a full suite of on-demand reporting and analytics.
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