Corpay, which offers corporate payments, has officially announced its intent to acquire Paymerang, a top provider of accounts payable automation solutions.
This pivotal deal marks a significant expansion for Corpay, enhancing its footprint across four vital verticals: education, healthcare, hospitality, and manufacturing. The integration promises to fortify Corpay’s already substantial market presence, positioning it as a more dominant force within these sectors.
The completion of this transaction is anticipated by the second quarter of 2024, pending regulatory approval and customary closing conditions.
Ron Clarke, chairman and chief executive officer of Corpay, said, “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.
“It will help us sell more in several large verticals where Paymerang has a strong position with satisfied customers, ERPs and partners.”
Through this acquisition, Paymerang will contribute over 250,000 merchants to Corpay’s existing network, which boasts over 1 million vendors. Collectively, the combined entity will oversee an impressive $120bn in annual transactions.
Corpay, listed on the S&P 500 and trading under the ticker CPAY on the NYSE, serves as a global beacon in the corporate payments landscape, enabling both businesses and individual consumers to streamline and manage expenses efficiently.
Their payment solutions cover a wide array of needs from vehicle-related costs, such as fueling and parking, to travel expenses like hotel accommodations, and crucial operational outlays including vendor payments. These solutions not only save valuable time but also reduce overall expenditure.
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