Who Owns Bill.com Company?

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Who Owns Bill.com?

Understanding a company's ownership is key to grasping its direction and accountability. Bill.com, a major player in automating financial operations, transitioned to public ownership via its IPO on December 12, 2019, trading on the NYSE under 'BILL'.

Founded in 2006, the company, now based in San Jose, California, aims to simplify financial back-office tasks for small and medium-sized businesses. Its platform enhances cash flow and efficiency through streamlined invoicing, payments, and expense management, often integrating with existing accounting software.

As of August 2025, Bill.com boasts a market capitalization of approximately $4.35 billion USD. The company reported $1.42 billion USD in revenue for the trailing twelve months of 2025 and served over 480,000 businesses in Q2 Fiscal 2025. This growth highlights its significant impact in the fintech space. For a deeper look into its market positioning, consider a Bill.com PESTEL Analysis.

Bill.com was established in April 2006 by René Lacerte, initially known as Cashboard, Inc. Lacerte, a seasoned entrepreneur with extensive experience in finance and software, envisioned a platform to streamline business payment processes, building on his prior success with an online payroll solution. This foundational vision for automating financial operations for small and medium-sized businesses (SMBs) guided the company's early development.

Visionary Founder

René Lacerte, a fourth-generation entrepreneur, founded Bill.com with over 30 years of experience in finance and software. His prior venture, an online payroll solution, was acquired by Intuit in 2009.

Addressing Business Inefficiencies

Lacerte identified significant inefficiencies in manual payment processes faced by SMBs. His goal was to create a platform that simplified and automated these complex financial operations.

Early Venture Capital Backing

The company secured early funding from prominent venture capital firms. This early backing was crucial for the company's initial growth and development.

Series A Funding

In 2007, Bill.com raised approximately $8.5 million in a Series A funding round. This round was led by firms such as Emergence Capital Partners and DCM Ventures.

Foundational Ownership Structure

While specific initial equity splits are not public, ownership at inception was a shared stake between founder René Lacerte and early venture capital investors. This structure supported the company's growth strategy.

Founder's Continued Role

René Lacerte has consistently served as CEO and a board member since the company's founding in 2006. This reflects his ongoing leadership and significant ownership interest.

The early ownership of Bill.com was a blend of founder equity and investment from venture capital firms like August Capital and DCM Ventures, alongside Emergence Capital Partners. These early investors provided crucial capital, with a Series A round in 2007 securing around $8.5 million. While precise ownership percentages from the inception are not publicly disclosed, it's understood that René Lacerte maintained a significant stake, alongside the venture capital entities that supported the company's initial growth phase. Standard vesting schedules for founders and key employees were likely in place, a common practice in venture-backed startups, as detailed in a Brief History of Bill.com.

Key Aspects of Early Ownership

The initial ownership structure was designed to foster sustained growth, balancing founder control with the strategic input of early investors.

• Founder: René Lacerte
• Founding Year: 2006
• Early Investors: August Capital, DCM Ventures, Emergence Capital Partners
• Series A Funding: Approximately $8.5 million in 2007
• Ownership Distribution: Shared between founder and venture capital firms
• Founder's Role: CEO and Board Member since inception

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The ownership journey of Bill.com has been dynamic, transitioning from its early private stages to becoming a publicly traded entity. A pivotal moment was its Initial Public Offering (IPO) on December 12, 2019, on the NYSE under the ticker 'BILL'. This event, which raised approximately $216 million at $22.00 per share, broadened its ownership base significantly.

As of early 2025, Bill.com's shareholder landscape is dominated by institutional investors, reflecting its status as a mature public company. T. Rowe Price Associates Inc /Md/ is a significant holder with approximately 10.71 million shares, representing 10.48% of the total. The Vanguard Group Inc. follows closely with about 10.47 million shares (10.16%), and BlackRock, Inc. holds around 8.87 million shares (8.61%). These large investment funds play a crucial role in influencing the company’s direction. Individual insiders collectively own about 3.24% of the stock, while retail investors make up approximately 27.97% of the ownership as of early 2025. This diversified ownership structure supports Bill.com's strategic growth initiatives, including substantial acquisitions like Divvy for $2.5 billion in June 2021 and Invoice2go for $625 million in September 2021, which have expanded its operational capabilities and market presence. Understanding the Revenue Streams & Business Model of Bill.com is key to appreciating how these ownership dynamics support its business operations.

Key Ownership Insights

Bill.com's ownership is largely institutional, with a significant portion held by major investment firms.

• The company transitioned to public ownership via an IPO in December 2019.
• Major institutional investors include T. Rowe Price, Vanguard, and BlackRock.
• Retail investors constitute a substantial portion of the shareholder base.
• Insider ownership is approximately 3.24%.

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The current Board of Directors at Bill.com is instrumental in guiding the company's strategic direction and corporate governance. As of early 2025, the board includes René Lacerte, the founder and CEO, ensuring continuity from the company's inception. The board is composed of individuals with diverse backgrounds, including founders, representatives from major shareholders, and independent directors, fostering a comprehensive approach to decision-making.

Voting power within Bill.com's common stock operates on a one-share-one-vote principle, a standard practice for publicly traded entities. This structure means that voting rights are generally aligned with the number of shares held by an individual or entity. There are no publicly documented instances of dual-class share structures or special voting rights that would grant disproportionate control to any specific party beyond their equity ownership. The recent board transitions, including the retirement of Peter Kight and Scott Wagner in January 2025, with Kight moving to a non-voting Director Emeritus capacity, highlight the company's ongoing efforts in board refreshment and adaptation to its evolving business needs, a key aspect of its Growth Strategy of Bill.com.

Board Governance and Shareholder Influence

The composition of the board reflects a blend of foundational leadership and external expertise. Key investors continue to have representation, ensuring alignment with long-term shareholder interests.

• René Lacerte, the bill.com founder, remains actively involved as CEO.
• Early investors like August Capital and Emergence Capital Partners have board representation.
• New directors Keri Gohman and Dan Wernikoff bring specialized fintech and software experience.
• Board changes in early 2025 indicate a focus on strategic evolution and governance.

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Over the last three to five years, Bill.com has seen significant shifts in its ownership, marked by increasing institutional investment and strategic financial maneuvers. These developments underscore growing investor confidence in the company's trajectory and its role in the digital transformation of small and medium-sized businesses.

The ownership landscape of Bill.com is heavily influenced by institutional investors, with major firms like T. Rowe Price Group, The Vanguard Group, and BlackRock Inc. holding substantial stakes. As of early 2025, these institutions collectively own approximately 80.37% of the company's shares, a dominant position that shapes its governance and strategic direction. This trend reflects a strong endorsement of Bill.com's business model and its market position. The company has also actively managed its capital structure; in August 2024, it initiated a $300 million share repurchase program, following a fiscal 2024 program where 2.9 million shares were repurchased for $212 million. Additionally, in May 2024, Bill.com repurchased about $234.5 million of its convertible senior notes due in 2025, aiming to optimize its financial structure and return value to shareholders. Strategic acquisitions, such as Divvy and Invoice2go in 2021, have broadened the company's offerings and customer base, further solidifying its market presence. While founder René Lacerte continues as CEO, the increasing institutional ownership and evolving board composition indicate a natural progression of founder influence in a growing public company. The company's focus on AI integration and digital solutions for SMBs continues to attract investor interest, with analysts projecting continued core revenue growth for fiscal years 2025 and 2026. Understanding the Competitors Landscape of Bill.com provides further context on the market forces influencing its ownership and strategy.

Institutional Investor Dominance

Major investment firms hold the majority of Bill.com's shares. This concentration of ownership signifies strong institutional confidence in the company's future performance.

Shareholder Value Initiatives

Recent share repurchase programs and convertible note buybacks demonstrate a commitment to enhancing shareholder value. These actions aim to reduce outstanding shares and optimize the company's financial leverage.

Strategic Growth and Evolution

Acquisitions in 2021 expanded Bill.com's platform capabilities and market reach. These moves, coupled with ongoing industry trends like AI adoption, position the company for sustained growth.

Founder's Role Amidst Growth

While founder René Lacerte remains CEO, the increasing institutional ownership naturally influences founder control. This is a common characteristic of successful, publicly traded companies.

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