Bank of America acquires card technology from Works
Bank of America has acquired the commercial card technology and related business of Works Inc, an Austin, Texas-based firm. Terms of the transaction were not disclosed.
Works provides commercial card technology solutions offered by a variety of card companies and financial institutions, including Bank of America. Works solutions aid organizations to manage the facilitation of applications needed to integrate cards into their procurement and accounts payable processes. The commercial card market is growing rapidly - more than 20% 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. The acquisition enables Bank of America to consolidate multiple card payment platforms and rapidly expand both its product capabilities and commercial card market share.
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