Expense management providers Nexonia and Tallie will merge. Equity
firm K1 Investment Management, which owns Nexonia, acquired a majority share in
Tallie and decided to merge the two companies, Tallie CEO and founder Chris
Farrell told BTN.
Farrell will lead the combined entity. Nexonia CEO Neil
Wainwright left the company before the deal was struck, according to Farrell, who
does not expect other major structural changes.
Within the next 30 days, the companies will decide whether
one brand will fold into the other, but the idea is for both platforms to
continue so clients can decide which product is right. Tallie works with smaller
businesses and integrates with the QuickBooks and Xero accounting systems;
Nexonia has a strong foothold in the T&E market, focuses on small and midsize
enterprises and integrates with Intact and NetSuite.
"We sell a lot through resellers,"
Farrell said. "Now those resellers have a choice of platform that meets
the needs of individual customers."