Certify, a Portland-based software company, said Tuesday it is merging with Chrome River Technologies of Los Angeles in a deal valued at more than $1 billion.
Both companies make travel, expense and invoice management software to analyze corporate spending.
Spokespeople for both companies were not immediately available for comment.
In June 2017, Certify was sold to K1 Investment Management LLC of El Segundo, California. K1 had earlier merged three similar expense management software companies for which it paid a total of more than $125 million, K1 said at the time. The estimated price of Certify was close to $100 million.
Certify and Chrome River initially will operate independently, with separate management teams.
K1 will hold a majority stake in the combined organization. Existing shareholders, including the founders of both companies and Bain Capital Ventures, a private investment firm in Boston, will hold a minority interest.
The companies said in a statement that the merger gives them more than 11,000 combined customers across more than 100 countries.
“With increased financial resources, the combined organization will have an even stronger focus on innovation, ensuring our customers will continue to optimize their travel, expense and invoice automation technology investments,” Bob Neveu, CEO and co-founder of Certify, said in a statement.
The companies said they will support all existing products and collaborate on accelerating investments in technology areas such as machine learning, artificial intelligence, analytics and reporting.