Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  American Express Company    AXP

AMERICAN EXPRESS COMPANY

(AXP)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

American Express : to Acquire Kabbage

share with twitter share with LinkedIn share with facebook
08/17/2020 | 12:32pm EDT

Acquisition Will Expand American Express’ Digital Cash Flow Management Offerings for Small Businesses

American Express (NYSE: AXP) today announced that it has entered into an agreement to acquire substantially all of Kabbage, a leading financial technology company providing cash flow management solutions to small businesses in the U.S. The transaction represents an important step toward American Express’ goal of being an essential partner to small businesses through a broad range of payment, cash flow and financial management tools.

Under the terms of the agreement, American Express will acquire Kabbage’s team and its full suite of financial technology products, data platform and IP built for small businesses. Kabbage’s products include access to flexible lines of credit, online bill payment, cash flow visualization tools, e-gift certificates, and the ability to centralize funds through the company’s recently launched business checking account. This product suite is integrated into a single online platform that uses real-time data processing to help small businesses better understand, forecast and manage their cash flow.

With the addition of Kabbage’s technology, products and people, American Express plans to offer a broader set of cash flow management tools and working capital products to its millions of small business customers in the U.S.

“For several years, American Express has been expanding beyond our industry-leading commercial card products to offer our business customers a growing set of payment and working capital solutions,” said Anna Marrs, President of Global Commercial Services at American Express. “This acquisition accelerates our plans to offer U.S. small businesses an easy and efficient way to manage their payments and cash flow digitally in one place, which is more critical than ever in today’s environment. By bringing together Kabbage’s innovative technology and talented team with our broad distribution capabilities and over 60 years of experience backing small businesses, we can better help our customers successfully emerge from this challenging period and beyond.”

“At Kabbage, we have always made the success of America’s small businesses our primary objective,” said Kabbage CEO and co-founder, Rob Frohwein. “We have built a technology and data platform that provides them with the kind of capabilities and insights often reserved for larger businesses. By joining American Express, we can help more small businesses succeed with a fully digital suite of financial products to help them run and grow their companies.”

The acquisition is expected to close later this year, subject to customary closing conditions. Kabbage’s pre-existing loan portfolio is not included in the purchase agreement.

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 responsibility information: charge and credit cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, Accertify, InAuth, corporate card, business travel, and corporate responsibility.

ABOUT Kabbage

Kabbage, Inc., headquartered in Atlanta, is a data and technology company providing small business cash flow solutions. Its suite of products includes Kabbage CheckingTM, providing small businesses a new way to bank; Kabbage PaymentsTM, helping small businesses get paid and access the money they earn faster; Kabbage InsightsTM, calculating small businesses’ real-time cash flow; and Kabbage FundingTM providing access to flexible lines of credit up to $250,000 in minutes. Kabbage is a 2020 CNBC Disruptor 50 and is funded and backed by leading investors, including the SoftBank Vision Fund, BlueRun Ventures, Thomvest Ventures, and others. For complete product details and disclosures, please visit www.kabbage.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 Kabbage and leverage 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, 2019 and its other reports filed with the SEC.

© Business Wire 2020

share with twitter share with LinkedIn share with facebook
All news about AMERICAN EXPRESS COMPANY
10/29AMERICAN EXPRESS : CFO to Participate in Bank of America Securities Future of Fi..
BU
10/29AMERICAN EXPRESS : Announces $1 Billion Action Plan to Promote Racial, Ethnic an..
BU
10/28MASTERCARD INCORPORATED : Revenue Hurt by Distancing, Border Restrictions -- Upd..
DJ
10/28MASTERCARD INCORPORATED : Revenue Hurt by Distancing, Border Restrictions
DJ
10/28Mastercard warns of ongoing virus-led travel slowdown as profit slumps
RE
10/26China Is Far Behind on U.S. Purchases Under Trade Deal
DJ
10/26AMERICAN EXPRESS : and Uber Expand Partnership to Introduce New Offerings for Pl..
BU
10/26AMERICAN EXPRESS CO : Change in Directors or Principal Officers, Financial State..
AQ
10/26AMERICAN EXPRESS : Elects Charles Phillips to Board of Directors
BU
10/26NEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
More news
Financials (USD)
Sales 2020 36 164 M - -
Net income 2020 2 695 M - -
Net Debt 2020 - - -
P/E ratio 2020 27,0x
Yield 2020 1,89%
Capitalization 73 330 M 73 330 M -
Capi. / Sales 2020 2,03x
Capi. / Sales 2021 1,83x
Nbr of Employees 64 000
Free-Float 99,9%
Chart AMERICAN EXPRESS COMPANY
Duration : Period :
American Express Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AMERICAN EXPRESS COMPANY
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 27
Average target price 107,38 $
Last Close Price 91,07 $
Spread / Highest target 42,7%
Spread / Average Target 17,9%
Spread / Lowest Target -3,37%
EPS Revisions
Managers
NameTitle
Stephen J. Squeri Chairman & Chief Executive Officer
Jeffrey C. Campbell Chief Financial Officer & Executive VP-Finance
Marc D. Gordon Chief Information Officer & Executive VP
Charlene Barshefsky Independent Director
Peter F. Chernin Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
AMERICAN EXPRESS COMPANY-26.85%73 330
CAPITAL ONE FINANCIAL CORPORATION-28.95%33 445
BAJAJ FINANCE LIMITED0.00%27 243
ORIX CORPORATION-32.88%14 987
SYNCHRONY FINANCIAL-29.30%14 863
SBI CARDS AND PAYMENT SERVICES LIMITED0.00%10 252