Corpay, a global corporate payments company, has signed a definitive agreement to acquire GPS Capital Markets, LLC. GPS Capital Markets provides business-to-business cross-border and treasury management solutions to upper middle market companies, primarily in the US.
The acquisition aims to enhance Corpay’s capabilities in the corporate payments sector. The transaction is expected to close in early 2025, subject to regulatory approval and standard closing conditions.
Corpay, listed on the NYSE under the ticker CPAY, is a global S&P 500 corporate payments company. It offers a suite of modern payment solutions that help businesses and consumers manage and pay expenses efficiently. Corpay’s services include vehicle-related expenses, travel expenses, and accounts payable, ultimately saving customers time and money.
Following the acquisition, Corpay will process cross-border payments for approximately 23,000 customers in more than 145 currencies across six continents.
Ron Clarke, chairman and chief executive officer, Corpay, Inc., said, “GPS is our third largest deal ever. We’re quite excited about GPS’ assets including a blue-chip roster of clients, a team of terrific FX specialists, and a market leading FX netting technology.
“GPS presents significant revenue and expense synergies and will be accretive to our 2025 cash EPS. This acquisition puts us well on our way to scaling our Corporate Payments business to nearly $2 billion by 2026.”
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