Bank of America Acquires Commercial Card Technology from Works, Inc.

Bank of America announced today it has acquired the commercial card technology and related business of Works, Inc., an Austin, Tex.-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.