Clayton-based rental car company Enterprise Holdings is acquiring San Francisco-based technology firm Deem, Enterprise announced Thursday.
Deem makes software for booking travel and car service and reporting expenses. It’s used by more than 50,000 corporate customers, according to a press release.
Financial terms of the acquisition were not disclosed.
The companies say that an influx of capital from Enterprise will allow Deem to accelerate its pace of product development.
Enterprise has been a minority investor in the tech firm since 2016.
Deem, which was founded in 1999 and has raised more than $530 million in total funding to date, according to Crunchbase, will continue to operate autonomously from Enterprise in Silicon Valley. Current CEO John F. Rizzo will remain head of the company.