American Express (NYSE: AXP), the New York-based integrated payments giant, acquired Nipendo, a Netanya, Israel-based provider of solutions for global businesses to automate and streamline business-to-business (B2B) payments processes.
The amount of the deal – subject to customary closing conditions and expected to close within the quarter – was not disclosed.
With the acquisition, American Express will continue to build a world-class business payments network. American Express intends to integrate Nipendo’s team, technology, and capabilities to expand its differentiated offerings for businesses.
Led by CEO Eyal Rosenberg, 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 provides process governance, compliance management and enforcement, audit and validation, dispute resolution and discrepancy management.
Commenting on the deal, Anna Marrs, Group President, Global Commercial Services and Credit & Fraud Risk at American Express, said: “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.”
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.
FinSMEs
15/01/2023