Investment to expand services of American Express

A partnership agreement was signed by American Express and Concur Technologies, a provider of on-demand transaction expense management services. The agreement includes an exclusive marketing partnership and a strategic investment by American Express in Concur. American Express intends to use this cooperation in its efforts to expand services in automating purchasing and payment.

The terms of the agreement specify that Concur will exclusively promote American Express’ Corporate Cards to its clients and American Express’ Global Commercial Card business will exclusively promote Concur Expense to its corporate clients.

In addition American Express acquired 13% equity stake in Concur, or 6.4 million shares at a price per share of USD 39.27, for USD 251 million in cash.

At the moment 50% of Concur’s existing clients are using American Express Corporate Card.