American Express is set to buy expense management software company Center, an acquisition financial services giant Amex hopes will enhance its corporate and small business card offerings.
Bean counting as a service: Founded in 2017, Center has developed a platform that provides real-time visibility into employee spending, automates manual accounting tasks, and streamlines expense submissions and reporting. The company's technology aims to simplify expense management processes for businesses, reducing administrative burdens and enhancing financial oversight.
Center of attention: By integrating Center's software with its existing corporate and small business cards, American Express plans to create a seamless expense management platform. This integration is designed to deliver more value across the commercial card payments process, offering premium card choices, rewards, and automated accounting and reconciliation.
Expense management is big business: Amex's interest in Center reflects a broader trend in the corporate travel and expense management industry, which has seen increased activity and investment as companies seek to capitalize on a growing market.
"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 CEO and Co-founder, Naveen Singh, said in a statement.
The deal: Terms were not disclosed, but the acquisition is set to close in the second quarter of 2025, subject to customary closing conditions. Center's approximately 160 full-time employees are expected to join American Express.
