American Express to Acquire B2B Payments Automation Company Nipendo
NEW YORK--(BUSINESS WIRE)--Jan 12, 2023--
American Express (NYSE: AXP) today announced that it has entered into an agreement to acquire Nipendo, a company used by global businesses to automate and streamline business-to-business (B2B) payments processes.
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The transaction is American Express’ latest strategic step toward its goal of creating a leading end-to-end B2B platform, making business payments simpler and more efficient. American Express is building a broader suite of B2B capabilities for both buyers and suppliers through new product development, M&A and partnerships.
In 2019 Amex acquired acompay, and in 2022, Amex partnered with Accounts Receivable players BillTrust and Versapay. Last month, the company announced Amex Business Link, a B2B solution for American Express’ network participants.
Nipendo’s platform allows businesses to easily connect, communicate, and automate Procure-to-Pay processes, including accounts payable and receivable. The Nipendo platform works alongside a company’s existing systems, allowing customers to maintain their current payments infrastructure, while benefiting from additional automation. American Express intends to integrate Nipendo’s team, technology, and capabilities to expand its differentiated offerings for businesses.
“Our extensive direct relationships with both buyers and suppliers puts us in a unique position to transform the way companies pay for goods and services. We are taking the friction out of B2B payments, paving the way for faster, more efficient, and transparent transactions,” said Anna Marrs, Group President, Global Commercial Services and Credit & Fraud Risk at American Express. “With Nipendo, we will strengthen our expertise and capabilities in the space, and their innovative platform will give business customers common ground to connect and transact on the Amex network.”
“Businesses can face a number of challenges even before they make a payment, including finding the right suppliers, managing order processes and supply chain, as well as handling discrepancies and invoice reconciliation. These traditionally paper-based processes require heavy investments of time, effort, and money,” said Nipendo Co-Founder & CEO, Eyal Rosenberg. “We are honored to become a part of American Express, excited about the synergy of our mutual vision and looking forward to serving as an important component of the new business value we can offer, by efficiently streamlining B2B payments.”
The acquisition is subject to customary closing conditions and is expected to close within the quarter.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.
Key links to products, services and corporate sustainability information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate sustainability and Environmental, Social, and Governance reports.
Headquartered in Netanya, Israel, Nipendo developed a cloud-based platform for the intelligent automation of procure-to-pay processes. The platform focuses on the needs of both suppliers and buyers, streamlining and simplifying interactions between them across all spend categories of goods and services, and all supplier types and sizes. Using RPA, Machine Learning and AI technologies, the platform makes S2P processes touch-free and reduces errors. It provides process governance, compliance management and enforcement, audit and validation, dispute resolution and discrepancy management.
For more information visit nipendo.com.
Information Related to Forward-Looking Statements
This release includes forward-looking statements that reflect management’s expectations about future events, including expectations regarding the transaction. These forward-looking statements are subject to risks and uncertainties. The words “expect,” “aim,” “plan,” “will,” “may,” “should,” “could,” “would,” and similar expressions are intended to identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. American Express undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the parties’ ability to satisfy the closing conditions and consummate the transaction, the underlying assumptions related to the transaction proving to be inaccurate or unrealized, and the company’s ability to integrate Nipendo and rollout its capabilities. A further description of these and other risks and uncertainties can be found in American Express’ Annual Report on Form 10-K for the year ended December 31, 2021, and its other reports filed with the SEC.
Source: American Express Company
View source version on businesswire.com:https://www.businesswire.com/news/home/20230112005059/en/
CONTACT: AMERICAN EXPRESS
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: FINANCE BANKING PAYMENTS PROFESSIONAL SERVICES TECHNOLOGY
SOURCE: American Express
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PUB: 01/12/2023 09:00 AM/DISC: 01/12/2023 09:02 AM