Cloud-based software services provider Bill.com (NYSE: BILL) recently announced the extension of its partnership with CPA.com, a subsidiary of the American Institute of CPAs (Certified Public Accountants).
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Following the news, shares of the company remained almost flat and closed at $186 in Tuesday’s extended trading session.
Strategic Impact
Under the terms of the agreement, Bill.com’s subsidiary Divvy will provide expense management, corporate cards and spend management services as an exclusive partner of CPA.com. The new extended partnership will cover all bill payments, expense management and card spending services in one solution.
The partnership is expected to help the companies get easy access and real-time visibility into client spending and expenses, and exclusive promotions and rewards for firms and their clients, among others. Clients are expected to benefit by getting access to a free spend and expense management software like Divvy.
Management Commentary
The CEO of Bill.com, René Lacerte, said, “We’re excited to build on our partnership with CPA.com, as we continue to deliver on our vision of an all-in-one financial operations solution for customers. The powerful combination of Divvy and Bill.com provides businesses with the ability to see 100% of their B2B spend, giving accounting firms a tremendous advantage to level up their advisory services and provide more value to their clients.”
Price Target
Consensus among analysts is a Strong Buy based on 9 Buys and 1 Hold. The average Bill.com price target of $279.40 implies upside potential of 51.7% from current levels. Shares have gained 23.8% over the past year.
Positive Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on BILL, as 15.3% of portfolios tracked by TipRanks increased their exposure to BILL stock over the past 30 days.
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