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American Express Announces $100 Million Digital Commerce Investment Initiative

^{Published on 2011-11-08 20:21:55 - Market Wire}
 

NEW YORK & SILICON VALLEY, Calif.--([ BUSINESS WIRE ])--American Express(NYSE: AXP) today announced a new multi-year digital commerce initiative designed to help identify and developinnovative technologies that will help accelerate the companyas digital transformation and strengthen connections to a growing base of customers around the globe. American Express plans to invest $100 million, focusing on early stage startups in the digital commerce space.

"As we enter the next chapter in our history, we recognize the need to work with emerging technology companies to inspire change, encourage innovation, and ultimately deliver the best products and services to our customers."

aAmerican Express is a 162 year old company that has continuously reinvented itself,a said Dan Schulman, Group President, Enterprise Growth, American Express. aAs we enter the next chapter in our history, we recognize the need to work with emerging technology companies to inspire change, encourage innovation, and ultimately deliver the best products and services to our customers.a

American Expressa digital commerce initiative will be managed out of the companyas newly established office in Silicon Valley and led by Harshul Sanghi, who was recently appointed as Managing Partner, Enterprise Growth Group. Mr. Sanghi previously ran Motorola Mobility Ventures and brings a deep understanding of the venture community, as well as extensive expertise in identifying and working with promising early startups.

aThe payments industry is undergoing a fundamental change as the very nature of commerce is redefined,a said Mr. Sanghi. aWe believe our global network of businesses and consumers, international employee base, world-class customer service and data analytics will provide a significant advantage to potential portfolio companies.a

American Expressa digital commerce initiative will look to make such investments in companies focused on serving critical parts of the digital commerce experience, including loyalty and rewards, mobile and online payment management, fee-based services, security and fraud detection and data analysis.

About American Express

American Express is a global services 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 ], [ foursquare.com/americanexpress ], [ linkedin.com/companies/american-express ], [ twitter.com/americanexpress ], and [ youtube.com/americanexpress ].

Information Related To Forward-Looking Statements

This release includes forward-looking statements that reflect managementas expectations about future events and the Companyas operating plans and performance.These forward-looking statements are subject to risks and uncertainties. The words abelieve,a ahope,a aexpect,a aanticipate,a aoptimistic,a aintend,a aintent,a aplan,a aaim,a alook forward,a awill,a amay,a ashould,a acould,a awould,a alikely,a 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 following:the inability to identify attractive investment opportunities, competition for such opportunities among other potential investors, the Companyas failure to consummate identified investment opportunities because of business, regulatory or legal complexities and adverse developments in the U.S. or global economy or financial condition of the Company, and the Companyas inability to effectively exploit its investments.