The global payment company Corpay has acquired Paymerang, a provider of accounts payables automation solutions, to strengthen its services for corporate clients. This acquisition boosts Corpay's presence in sectors such as education, healthcare, hospitality, and manufacturing.

Advancing Corporate Payment Services

Ron Clarke, the Chairman and Chief Executive Officer of Corpay, mentioned: "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."

According to the press release, one of the important benefits of the acquisition is the addition of over 250,000 merchants from Paymerang to Corpay's existing network of over 1 million vendors. This expanded merchant network enables Corpay to process approximately $120 billion in annual transactions.

The two companies expect to close the transaction in the second quarter of 2024, pending regulatory approval. Corpay is listed on the NYSE under the ticker symbol CPAY and provides global corporate payments services dedicated to enhancing expense management for businesses and consumers. The firm offers payment solutions that enable its users to manage expenses.

Rebranding and Global Partnerships

In March, global payments firm FLEETCOR Technologies rebranded as Corpay to reflect its focus on corporate payment solutions. This change, effected March 25, 2024, aligned with the company's core operations and strategic direction. While the new identity emphasizes corporate payments, FLEETCOR maintains its existing brands in the vehicle and lodging payments segments.

Clarke mentioned: "The Corpay name better represents what we do now, which is provide corporate payment solutions. We will use Corpay as the go-to-market brand for our Corporate Payments segment and retain our existing popular go-to-market brands in our Vehicle Payments and Lodging Payments segments."

Specializing in facilitating business payments for international transactions, Corpay offers currency risk management and support for global business expansion. With operations spanning 145+ currencies and 200+ countries, Corpay enhances cross-border transactions for businesses worldwide, enabling financial transactions globally.

Beyond its core business operations, Corpay's partnerships extend into diverse sectors, including sports and entertainment. The firm recently partnered with AC Milan and Cricket Ireland as their official commercial foreign exchange partner.