Bill.com

Last updated
BILL Holdings, Inc.
FormerlyBill.com Holdings, Inc.
Company type Public
Industry Financial technology
FoundedApril 2006;19 years ago (2006-04) as Cashboard, Inc.
FounderRené Lacerte
Headquarters San Jose, California, U.S.
Key people
René Lacerte (CEO)
RevenueIncrease2.svg US$1.29 billion (2024)
Increase Negative.svgUS$−174 million (2024)
Increase Negative.svgUS$−29 million (2024)
Total assets Decrease2.svgUS$9.18 billion (2024)
Total equity Increase2.svgUS$4.13 billion (2024)
Number of employees
2,187 (2024)
Subsidiaries Invoice2go
Website bill.com
Footnotes /references
[1] [2]

BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations. [3] [4] [5] A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem. [3]

Contents

History

2004-2010

René Lacerte, who co-founded and led an online payroll software startup PayCycle, stepped down as its CEO in November 2004 per the decision of the Board. Lacerte soon started working on his next company, which eventually became Bill.com. [6] Founded in April 2006 as Cashboard, Inc., [1] the company enables small businesses to pay their bills and keep their books in the cloud. Its early investors included August Capital and DCM Ventures. [6]

2019-2025

In October 2019, Bill.com started offering new capabilities to help mid-market companies automate their AP/AR functions. [7]

Bill.com completed its initial public offering (IPO) on the New York Stock Exchange in December 2019. [8] [9] In early 2020, Bill.com moved its headquarters from Palo Alto to San Jose, California. [5]

In June 2021, Bill.com acquired Divvy for $2.5 billion, an expense management company that modernizes business finances by combining software and corporate smart cards into a single platform. [10] [11] Later that September, the company closed the acquisition of Invoice2go for $625 million, an AR mobile-first company, extending the company's reach to serve sole proprietors. [10] [11] [12]

In 2025, the hedge fund Elliott Management was reported to have acquired a large stake in Bill Holdings. [13] Elliott was reported to own roughly 5% of the company. [14] Activist investor Starboard Value had also acquired an 8.5% stake in BILL Holdings, with reports it intended to push for changes. [15] In early 2025, Starboard and the company Autodesk reached a settlement to add two independent directors to the BILL board, while in March, Kenvue agreed to add three directors to the board. [16] Starboard nominated four to the BILL Holdings board in September 2025, with four of BILL's 12 directors standing for election at the upcoming annual meeting. [17] In September 2025, BILL Holdings had a market value of around $5 billion. [16]

References

  1. 1 2 "Bill.com Holdings, Inc. Form S-1". U.S. Securities and Exchange Commission. 15 November 2019.
  2. ↑ "Bill.com Holdings, Inc. FY 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 23 August 2024.
  3. 1 2 "When Distribution Trumps Product". 24 February 2020.
  4. ↑ "Bill.com to Report Second Quarter Fiscal 2022 Financial Results on February 3, 2022". www.wsj.com. Retrieved 2022-02-10.
  5. 1 2 "Bill.com, fresh from IPO, will shift headquarters to San Jose". The Mercury News. 2020-01-10. Retrieved 2022-02-10.
  6. 1 2 Kauflin, Jeff (7 December 2020). "How Bill.com, The Boring Bookkeeper Of Fintech, Became One Of 2020's Hottest Stocks". Forbes . Archived from the original on 21 December 2022.
  7. ↑ PYMNTS (2019-10-17). "Bill.com Enhances AR With AP In Platform Update". www.pymnts.com. Retrieved 2021-03-14.
  8. ↑ Bary, Emily. "Bill.com stock surges 60% after IPO in a sign that the software market is still hot". MarketWatch. Retrieved 2022-02-10.
  9. ↑ Demos, Telis (9 December 2019). "Bill.com IPO Is Worth the Tab" . The Wall Street Journal . Archived from the original on 30 December 2019.
  10. 1 2 Heller, Matthew (26 July 2021). "Bill.Com Buys Invoice2go to Boost AR Offerings". CFO .
  11. 1 2 "Bill.com CEO touts small and medium business opportunity". CNBC . 15 November 2021.
  12. ↑ Wilhelm, Alex (6 May 2021). "Why did Bill.com pay $2.5B for Divvy?". TechCrunch .
  13. ↑ https://www.ft.com/content/327ee115-f0d6-4641-9e12-e73cb01cdf3c
  14. ↑ Herbst-Bayliss, Svea (September 9, 2025). "Elliott takes stake in BILL Holdings, becoming second activist in stock". reuters.com. Reuters.
  15. ↑ https://www.reuters.com/sustainability/boards-policy-regulation/starboard-built-big-stake-bill-holdings-plans-nominate-directors-2025-09-04/
  16. 1 2 Herbst-Bayliss, Svea (4 September 2025). "Exclusive: Starboard built big stake in BILL Holdings, plans to nominate directors". reuters.com. Reuters.
  17. ↑ Herbst-Bayliss, Svea (8 September 2025). "Exclusive: Starboard nominates four to BILL Holdings board, including partner Peter Feld, sources say". reuters.com. Reuters.
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