American Express (AXP) said Thursday it has agreed to acquire Center, a software company specializing in expense management.

Financial details weren't disclosed.

With the acquisition, American Express said it aims to create a unified expense management platform that leverages Center's software and American Express' card network to improve the commercial card payment process.

The transaction is expected to close in Q2, pending customary conditions, the company said.

Shares of American Express were down more than 2% in recent Thursday trading.

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