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Article: Amex Deals For Tighter T&E Linkage.(Cards)(American Express Co.)(travel-and-entertainment )
- Article from:
- American Banker
- Article date:
- July 30, 2008
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Byline: Maria Aspan
Four months after buying GE Money's corporate card unit, American Express Co. has expanded further in that space by acquiring a minority stake in a company whose widely used expense management service will be paired with Amex's corporate card operations.
American Express, which paid $1.1 billion for the GE card unit in March, said Tuesday that it paid $251 million in cash for a 13% stake in Concur Technologies Inc., which says it is the largest provider of travel-and-entertainment management services.
The deal includes a marketing partnership that calls for Concur to promote Amex's corporate cards exclusively to its customers ...