Nipendo, an Israeli procure-to-pay software company owned by Top Group Software, acquired PayEm, a corporate card and spend management startup, for $500,000. Top Group said on Wednesday, July 1, 2026 that the deal, signed at the end of June through its wholly owned subsidiary, had been completed that day, Calcalist reported.
Alongside the symbolic price, the buyer committed to put in up to $3.5 million more, to be used mainly to reduce PayEm's liabilities and steady its finances. As a condition of the deal, all existing PayEm equity and options are being cancelled, which leaves earlier shareholders with nothing for their stakes.
Nipendo said PayEm's platform will keep running and be developed further, with additional capital from Nipendo, and that the two products will be combined into a single system covering purchasing, invoices, payments, corporate cards and employee spending.
What PayEm built
PayEm was founded by Itamar Jobani and Omer Rimoch; Calcalist dates the company to 2020, while Nipendo's announcement says 2019. It built software for finance teams to issue and manage corporate debit and credit cards, automate expense and procurement workflows, run wallets in multiple currencies and connect spending data to enterprise resource planning (ERP) systems.
Its 2025 audited accounts, cited by Calcalist, showed revenue of NIS 19.1 million (about $6.4 million) and a net loss of NIS 17.1 million (about $5.7 million). Total assets were NIS 47.08 million (about $15.8 million) against liabilities of NIS 51.1 million (about $17.1 million), leaving the company with negative equity.
“Together, we give CFOs one intelligent platform with full control and visibility over every dollar the company spends.”
The founders and the funding
PayEm raised money quickly during the 2021 funding boom. In September 2021 it disclosed a $27 million seed and Series A round led by Pitango, NFX and Glilot Capital Partners. In early 2023 it announced a further $220 million package made up of $20 million in equity and $200 million in credit lines from Viola Credit, Mitsubishi Group and other lenders, used to finance customers' card spending.
That puts its equity funding at about $47 million. Some outlets, including Analytics Insight, counted the credit lines and described the company as having raised nearly $247 million. Either way, the sale price was a small fraction of what investors put in.
Why Nipendo is buying
Nipendo has worked on procure-to-pay automation for about two decades and runs a supplier network that it says processes millions of transactions a month. Its newer product, Nexa, automates the path from purchase order to payment. PayEm adds the spending that does not go through purchase orders, such as card payments, software subscriptions and employee expenses.
"Together, we give CFOs one intelligent platform with full control and visibility over every dollar the company spends," Eyal Rosenberg, Nipendo's CEO, said in the announcement. He said Nipendo's backing would give PayEm's customers long-term stability.
Nipendo said it expects to sell PayEm's spend management to its own customers and its procurement automation to PayEm's, across companies ranging from large enterprises to small businesses.
In Nipendo's description, the combined system splits company spending in two. Purchases that go through a purchase order are handled by Nexa and Nipendo, from registering a new supplier and maintaining its master data through ordering, invoice processing and payment. Spending outside purchase orders runs through PayEm's cards and expense tools. Both sides send structured transaction data to the customer's ERP system, so finance teams see every payment in one place.
A restructuring under new owners
Top Group said PayEm's past losses do not reflect how it expects the business to perform after the deal. A cost-cutting plan that began in 2026, before the agreement was signed, including debt reduction and job cuts, will continue. Top Group said those steps should bring PayEm to operating break-even this year, before any savings from combining it with Nipendo. The buyer plans to fund the deal from internal resources or outside financing.
Calcalist described the sale as a reflection of the upheaval in the fintech industry in recent years. PayEm's investors, whose shares are cancelled, recover nothing from the deal.
The buyer is named in Israeli reports as Top Nippando, Top Group's wholly owned subsidiary, while the company's own announcement uses the Nipendo name. Top Group is backing the purchase with a committed capital injection.
