Charlotte, NC - Bank of America announced today it has acquired the commercial card technology and related business of Works, Inc., an Austin, Texas-based firm. Terms of the transaction were not disclosed and the acquisition received regulatory approval prior to closing.
Works, Inc. is a recognized industry leader in commercial card technology solutions offered by a variety of card companies and financial institutions, including Bank of America. Works, Inc. solutions give organizations the control, spending visibility and automated workflow needed to seamlessly integrate cards into their procurement and accounts payable processes, and make commercial cards their payment method of choice.
"The commercial card market is growing rapidly - more than 20 percent a year - and represents an outstanding growth opportunity for Bank of America," said Skip Heaps, Global Treasury Product Management executive for Bank of America. "Works offers proven commercial card technology solutions and a reputation for quality. Coupled with our global reach, industry expertise and service delivery model, it's a powerful combination for our clients and Bank of America. We welcome aboard our new teammates from Works and their partners, who will continue to offer the Works solutions."
The acquisition enables Bank of America to consolidate multiple card payment platforms and rapidly expand both its product capabilities and commercial card market share.
"Large-scale electronic payments have long been the future for corporate America's remittance process," said Jerry Lester, Works Card Solutions executive for Bank of America and previously Works, Inc., Chief Executive Officer. "Over the past several years, Works has created innovative solutions to make this strategy a reality. We are delighted to combine our elite technology and service organization with the substantial market presence and execution prowess of Bank of America to better pursue our common vision."
Commercial cards play an important role in the transition from paper to electronic payment solutions as businesses look to card technology as an alternative to traditional check-based accounts payable spending. For example, organizations distribute travel and purchase cards to their employees for business-related expenses. The technology expedites both purchasing and payment and offers a variety of enhanced approval tracking, supplier management and expense reporting tools.
About Works, Inc.
Works, Inc. is a leading provider of commercial credit card management and optimization technology and services, helping organizations realize the full potential of their commercial card programs. Works partners with leading credit card issuers to link payment management automation with global credit card networks, allowing customers in business, government, and higher education to use commercial cards as their payment method of choice.
About Bank of America Global Treasury Services (GTS)
The Global Treasury Services (GTS) division of Bank of America provides integrated working capital management and treasury solutions to clients that include multi-nationals, correspondent banks, governments and global 1000 businesses. GTS services include treasury management, trade finance, foreign exchange and short-term investing. Bank of America GTS is the number one treasury and trade services provider in the United States.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving 33 million consumer relationships with more than 5,800 retail banking offices, more than 16,500 ATMs and award-winning online banking with more than eleven million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 85 percent of the Global Fortune 500. Bank of America Corporation stock (ticker: BAC) is listed on the New York Stock Exchange.
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