Jeff Bezos’ personal investment company, Bezos Expeditions has completed a private equity buyout of ExpenseWatch.com.Â ExpenseWatch is based in Conshohocken, PA.Â ExpenseWatch was founded in 2000 and has 10,000 customers in 16 cities.Â Essentially, the software that ExpenseWatch develops generates expense reports and automates them for subscribers and customers.
Between 2006 and 2007, ExpenseWatch gained 6,500 new subscribers and 82 new customers.
“Expensewatch.com is a terrific, customer-focused company with a value proposition that makes sense for every small-to-midsize business. Until recently, integrated expense control across travel and entertainment, invoice management and purchasing was really only affordable for the largest companies. Expensewatch.com is changing the way we think about expense managementâ??the online tools are easy to use and automate time consuming paper flow,â? stated Stephen Campbell, CIO of Bezos Expeditions. â??We see significant opportunities for growth in this market as more and more businesses experience the benefits, great value, and ease-of-use of web-based applications and services.”
The investment amount is unknown.Â A competitor of ExpenseWatch is Redmond, WA-based Concur.Â Jeff Bezos is the founder of Amazon.com and is Time Magazine’s 1999 ‘Person of the Year.’Â Bezos Expeditions is also an investor in 37signals.