Corpay Completes Cross-Border Payments Acquisition
December 02 2024 - 3:05PM
Business Wire
Also Completes the Divestiture of Comdata
Merchant POS Solutions
Corpay, Inc. (NYSE: CPAY), a global S&P 500 corporate
payments company, completed the acquisition of GPS Capital Markets,
LLC, a business-to-business cross-border solutions provider to
upper middle market companies, primarily in the U.S.
“We’re thrilled to officially welcome GPS to the Corpay family.
With the addition of Paymerang and now GPS, we expect our Corporate
Payments business to exceed $1.5 billion in revenue in 2025. Our
integration planning is well underway, and we expect significant
profit contribution next year from both acquisitions,” said Ron
Clarke, chairman and chief executive officer, Corpay, Inc.
In total, the two Corporate Payment deals closed this year will
contribute over $200 million in revenue and approximately $0.50 of
Cash EPS accretion in 2025.
Corpay also announced the completion of the divestiture of
Comdata Merchant POS Solutions, a point-of-sale hardware and
software solution for truck stop merchants, to a private
equity-backed company PDI Technologies. The transaction is a result
of last year’s strategic review to simplify the company and focus
on our core business.
The company will provide financial guidance for 2025 when it
releases fourth quarter earnings in early February.
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 electronic
payment solutions helps customers better manage vehicle-related
expenses (e.g., fueling and parking), travel expenses (e.g., hotel
bookings), and accounts payable (e.g., domestic and international
payments). This results in our customers saving time and ultimately
spending less. It pays to Corpay. To learn more visit
www.corpay.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241202489125/en/
Investor Relations Jim Eglseder, 770-417-4697
Jim.Eglseder@corpay.com Media Relations Chad Corley, 770-729-5021
Chad.Corley@corpay.com
Corpay (NYSE:CPAY)
Historical Stock Chart
From Dec 2024 to Jan 2025
Corpay (NYSE:CPAY)
Historical Stock Chart
From Jan 2024 to Jan 2025