Corpay to Acquire a Full AP Corporate Payments Company
May 08 2024 - 3:05PM
Business Wire
Deal Strengthens Corpay’s Position in the
Middle Market and Select Verticals
Corpay, Inc. (NYSE: CPAY), a leading corporate payments company,
today announced that it has signed a definitive agreement to
acquire Paymerang, a leader in accounts payables automation
solutions. The acquisition expands Corpay’s presence in four
attractive vertical markets: education, healthcare, hospitality and
manufacturing.
The transaction is expected to close in the second quarter of
2024, subject to regulatory approval and standard closing
conditions.
“This acquisition is right in our wheelhouse and exactly the
kind of transaction we find most attractive. It’s a business
growing over 20%, within Corporate Payments, where we can
accelerate growth and profitability,” said Ron Clarke, chairman and
chief executive officer, Corpay, Inc. “It will help us sell more in
several large verticals where Paymerang has a strong position with
satisfied customers, ERPs and partners.”
Paymerang adds over 250,000 merchants to Corpay’s existing
merchant network of over 1 million vendors, and together the
businesses will process $120 billion in annual spend.
About Corpay Corpay (NYSE: CPAY) is a global S&P 500
corporate payments company that helps businesses and consumers
manage and pay expenses in a simple, controlled manner. Corpay’s
suite of modern payment solutions help its customers better manage
vehicle-related expenses (e.g. fueling and parking), travel
expenses (e.g. hotel bookings) and accounts payable (e.g. paying
vendors). This results in our customers saving time and ultimately
spending less. Corpay – Payments made easy. To learn more visit
www.corpay.com
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version on businesswire.com: https://www.businesswire.com/news/home/20240508064801/en/
Investor Relations Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com
Media Relations Chad Corley, 770-729-502
Chad.Corley@corpay.com
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