American Express has announced that it plans to acquire acompay, a digital payment automation platform, from ACOM Solutions.
Acompay, which helps business customers make supplier payments, manage business spending, and improve cash flow, "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,” Anna Marrs, president of global commercial services at American Express, said in a press release.
“Our customers are increasingly looking for turn-key, automated solutions to pay their suppliers,” added Marrs. “Enabled by our integrated network of buyers and suppliers and a growing suite of partnerships and capabilities, American Express can provide digital payment tools and working capital that make it easy to pay suppliers anywhere in the world. 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.”
Developed in 2016, the acompay platform integrates with enterprise resource planning or accounting systems and supports check, automated clearing house (ACH), and card payments.
“ACOM Solutions is proud of the innovative AP automation platform we’ve built with acompay,” said Patrick McMahon, CEO & President of ACOM Solutions, Inc. “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. 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 acquisition is subject to customary closing conditions and is expected to close in the second half of 2019.