American Express to Acquire Expense Management Software Company Center
American Express (NYSE:AXP) today announced that it has entered into an agreement to acquire Center, a software company modernizing expense management.
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Center's software, together with American Express' corporate and small business cards, will aim to create a seamless expense management platform that delivers more value across the commercial card payments process – from choice in premium card offerings and rewards to automated accounting and reconciliation.
"As a leader in corporate and small business cards, it is our job to deliver innovative products and services that help customers run their businesses more efficiently," said Raymond Joabar, Group President, Global Commercial Services at American Express. "By integrating Center's outstanding talent and technology, we can save our customers time and money and strengthen our leadership position in commercial card payments."
"Center was founded with the mission to drive simplicity in the user experience and make expense management as effortless as swiping your card. Since 2018, our team has built industry-leading software and delivered strong results for our customers," said Naveen Singh, CEO and Co-founder of Center. "We have always believed that card and expense management should be deeply linked, and we believe that even more great work can be done by incorporating our capabilities and talent into American Express."
Center's software is designed to remove friction from the expense management process, giving businesses real-time visibility into all employee spending, automating manual accounting tasks, streamlining expense submissions and reporting, and equipping finance teams with the tools and insights needed to better optimize decision making.
With an integrated card and expense management solution, American Express aims to help customers:
- Delight employees: Give employees the ability to easily manage expenses through a mobile-friendly, automated app and empower them to spend on-the-go with confidence.
- Automate tasks: The customizable expense management program will help businesses save time reviewing, auditing and posting expenses to the general ledger. Center customers see their finance teams free up an average of 90% of the time previously spent on these tasks.
- Ensure compliance and maximize rewards: Business owners and CFOs will be able to confidently ensure their company's spending remains fully compliant with company policy, while getting more value from their American Express card program.
The acquisition is expected to close within the second quarter of 2025, subject to customary closing conditions.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. For more information about American Express, visit americanexpress.com, americanexpress.com/en-us/newsroom/, and ir.americanexpress.com.
ABOUT CENTER
Center is a software company modernizing corporate card, travel, and employee expense management with one integrated solution. Our corporate card and connected software gives businesses real-time visibility into all employee spending, automates manual accounting tasks, streamlines travel booking and expensing, and provides finance teams with the controls and data needed for optimal decision making. With a usage-based business model requiring no upfront investment, we combine self-service configurability with first-class deployment to ensure customer success. Center is headquartered in Bellevue, WA with team members nationwide.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which include current expectations regarding the transaction and future operations, among other matters, contain words such as "believe," "expect," "intend," "plan," "aim," "will," "may," "should," "could," "would," "continue" and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to: the parties' ability to satisfy the closing conditions and consummate the transaction; the underlying assumptions related to the transaction proving to be inaccurate or unrealized; and American Express' ability to integrate Center and benefit from its talent and technology, which will depend in part on management's decisions regarding future operations, strategies and business initiatives. A further description of these and other risks and uncertainties can be found in American Express' Annual Report on Form 10-K for the year ended December 31, 2024 and its other reports filed with the SEC.
Location: U.S.
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Media
Ojas Naik
American Express
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