American Express has reached an agreement to acquire payment and expense technology provider Center, with plans to "create a seamless expense management platform" combining Center's software and Amex's corporate and small business cards, the company announced. Financial terms of the agreement were not disclosed.
Center, co-founded by Concur co-founder Steve Singh, launched in 2017 and is a part of Singh's corporate travel investment empire, via his investment group Madrona Ventures, that includes Spotnana, Troop and, as of last year, travel management company Direct Travel. In a blog post, Center co-founder and CEO Naveen Singh, Steve Singh's son, said the acquisition fit the company's "vision" that "card and expense should be deeply connected."
"By combining our best-in-class expense management technology with Amex’s leading commercial card products, together we have a unique opportunity to deliver the next generation of commercial cards for small to medium-sized companies," Naveen Singh said in the blog post. "As we move forward, we are focused on ensuring a smooth transition and building on our shared commitment to making expense management simpler and more effective for businesses and employees alike."
With the acquisition, which has a target closing of the second quarter of this year pending customary closing conditions, American Express said it would provide "an integrated card and expense management solution" through Center's technology. An Amex spokesperson said the company is not yet sharing further information on integration plans, as details will continue to be worked out following the agreement being reached. Center's payment solution currently is powered by the Mastercard platform.
The acquisition does not appear to be changing Center's place in terms of working within the ecosystem of Steve Singh's investments, however.
"As far as we are concerned at Spotnana, our relationship with Center will only get better and stronger," Steve Singh said in a statement to BTN. "The combined value proposition for customers just improved."