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American Express Co. has acquired software developer Center. Terms of the deal, announced late Thursday, were not disclosed. The acquisition is expected to close in the second quarter.
The deal will provide AmEx’s corporate and small-business cardholders with an integrated expense-management platform that delivers real-time visibility into all employee spending, automates manual accounting tasks, streamlines expense submissions and reporting, and improves compliance with spending policies.
As a result, businesses will be able to reduce time spent reviewing, auditing and posting expenses to the general ledger, AmEx says. Center users free up an average of 90% of the time previously spent on these tasks, according to AmEx.
Center’s platform, which can be integrated with a company’s enterprise resource planning platform, enables businesses to break down spending by vendor, employee, project, or department to identify spending trends, as well as outlier trends that deviate significantly from general spending patterns.
The platform also provides businesses with visibility into travel expenditures, including off-platform bookings.
“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,” Raymond Joabar, AmEx’s group president, global commercial services, says in a statement.
