American Express has signed an agreement to acquire digital payment automation platform acompay from ACOM Solutions.
The financial terms of the acquisition were not divulged.
Go deeper with GlobalData
Developed in 2016, acompay is a digital payment automation solution for accounts payable (AP) departments. The solution integrates with enterprise resource planning or accounting systems and assisting automated clearing house (ACH), check and card payments.
The acquisition is expected to help American Express strengthen B2B payments and working capital business. Overall, it is designed to improve supplier payment transactions and facilitate delivery of goods and services to market.
American Express Global Commercial Services president Anna Marrs said: “acompay will be the newest addition to a series of B2B payment collaborations, strengthening our accounts payable automation capabilities and equipping our customers with the tools they need to improve the way they process and settle supplier payments.”
ACOM Solutions CEO and president Patrick McMahon said: “We’re excited to have acompay reach even more business customers as part of a world class suite of American Express financial products that help improve the way businesses of all sizes make their digital payments.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Going forward, ACOM Solutions will continue to operate as it does now, supporting our core products including; EZPay Suite, EZConnect, EZ Content Manager, Document Management and all other products not related to acompay.”
The acompay acquisition is expected to close in this half of the year, subject to customary closing conditions.
In May this year, American Express announced plans to acquire restaurant reservation platform, Resy. The move will bolster its footprint in the dining, travel and lifestyle industry verticals.
