Travel expense management providers Certify and Chrome River Technologies recently announced they are merging - creating a company valued at more than $1 billion. K1 Investment Management will hold a majority stake in the newly combined organization.
“From an industry perspective, this consolidation is an expected trend given the market position of the incumbent in the corporate expense market,” said John F. Rizzo, CEO, COO, President, Deem. “Joining forces allows Chrome River and Certify to target more of the expense solution market and service their customers more effectively.”
“Over the past 11 years, Chrome River has established itself as the leader for global enterprises looking for sophisticated, highly scalable, expense and invoice management software,” said Alan Rich, co-founder and CEO of Chrome River when speaking to the industry news outlet, PhocusWire.
“Combining our resources with those of Certify, we can continue toward our goal of delivering the most innovative and agile solutions on the market. I look forward to the combined organization continuing to earn an even greater share of a rapidly growing industry.”
As noted in their press release, the two companies will work together to enhance the future of artificial intelligence, machine learning, and other new technologies, delivering a heightened expense and invoice management software to customers and partners.
These enhancements will flow through to Deem’s Open Expense integration, making the expense management aspect effortless for travel managers and travelers.
Deem Open Expense allows corporations to integrate Deem travel data to any expense platform. Deem travel booking transactions flow automatically into the linked expense platform, providing a seamless user experience. Open integration allows for the application of all policy requirements and system settings.
“Deem has worked closely with Certify and Chrome River on our Open Expense platform and we’ve had successful customer deployments with both,” said Rizzo. “The notion of best in class Expense from Certify and Chrome River and best in class travel from Deem is a winning approach for travel managers and travelers alike.”
With Deem Work Fource, employees get easy to use tools they need to book trips and submit expenses, while companies get increased control over suppliers, policy compliance and spend management.
“Here at Deem, we are absolutely thrilled that two of our biggest Open Expense partners have merged,” said Rizzo. “Chrome River and Certify are great partners, and they have an exciting future ahead as they jointly dominate the expense management world.”
You can learn more about Deem’s integrated travel and expense approach here.