American ExpressCredit card issuer American Express acquired digital payment automation platform acompay from California-based ACOM Solutions Inc. to scale up their B2B payments and working capital business.

The platform helps business customers make supplier payments easily and securely, manage business spend, and improve cash flow, New York-headquartered American Express said in a statement.

The statement did not mention the deal value for the acquisition.

“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,” said Anna Marrs, President of Global Commercial Services at American Express.

“The acquisition of acompay represents an important milestone in our strategy to become essential to how our customers pay for and finance what they need to grow their businesses,” Marrs added.

ACOM Solutions developed acompay in 2016 as a digital payment automation solution for accounts payable departments. The platform integrates with enterprise resource planning or accounting systems and supports check, automated clearing house, and card payments.

Post the divestment of acompay, ACOM Solutions will continue to operate EZPay Suite, EZConnect, EZ Content Manager, Document Management and all other products not related to acompay.

The deal is expected to close in the second half of 2019.

by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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