American Express to Acquire Expense Management Software Company Center

American Express (NYSE: AXP) announced that it has entered into an agreement to acquire Center, a software company modernizing expense management.

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.