The all-stock deal will see Wishlife’s technology team, led by Lei Wang, integrates with Torpango, with Wang becoming the company’s CTO. Torpango will also acquire technology talent from Wishlife, hoping to “enhance its product roadmap and technology capabilities,” the San Francisco company said in a press release.
“We are very excited to bring cutting-edge technology, craftsmanship and an incredible team to the table,” Wang shares. “We are committed to building a secure and scalable expense management platform that empowers businesses of all sizes.”
Launched in 2020, Torpango is an expense management platform that aims to give businesses more control and transparency over expenses.
As part of the acquisition, Walter Kortschak, founder of Kortschak Investments and investor in Wishlife, will become a member of Torpango’s board of directors. Kortschak has spent nearly five decades investing in companies and “brings a wealth of expertise” to Torpango, the company said.
“We believe our infrastructure and customer acquisition strategy is a perfect fit with Wishlife’s technical team, and this acquisition will allow for great synergies to flourish in 2022,” said brent jacksonCEO of Torpago.
Torpango recently completed a $77 million financing round, consisting of $75 million in credit facilities and $2 million in equity.
See also: Businesses are embracing the growing importance of spend management
Businesses are beginning to see the benefits of expense management, or at least realizing that not adopting it means facing an “increasingly archaic world of slow manual processes.” Thejo Kotefounder and CEO of Air-basewrote in an essay for PYMNTS last year.
“Spend management frees time from manual tasks and provides the tools for finance and accounting professionals to bring insights, analysis and strategic thinking, making them more useful to their businesses,” he said. -he declares.
“We are seeing an upward trajectory of companies adopting an expense management model to provide an intuitive and comprehensive platform for all non-wage business expenses.”