From TechCrunch
Paylocity is acquiring corporate spend startup Airbase for $325M
By Mary Ann Azevedo
HR and payroll software company Paylocity has agreed to acquire corporate spend startup Airbase for $325 million, the companies announced Wednesday.
The deal is subject to regulatory approval and is expected to close in the first or second quarter of Paylocity’s fiscal year, which would be sometime in the next 30 to 60 days. It is being funded by borrowings under Paylocity’s revolving credit facility.
It’s a decent exit for seven-year-old Airbase, which was founded by Thejo Kote in 2017 to provide software to midsized companies seeking to better manage their spending. Its platform included bill payments, corporate cards, and employee reimbursements, among other things...
Thejo Kote is a MIMS 2011 alumnus.
