Global payment company Corpay is set to acquire GPS Capital Markets, a cross-border and treasury management solutions provider primarily focused in the US. This acquisition aims to strengthen Corpay’s capabilities in providing business-to-business cross-border and treasury management solutions, particularly to upper-middle market companies in the US.

Strengthening Global Payments Network

According to the press release, this acquisition is expected to close in early 2025, subject to regulatory approval and standard closing conditions. This deal aims to add value with GPS’s blue-chip client roster, experienced FX specialists, and FX netting technology.

Speaking about the acquisition , Ron Clarke, the Chairman and CEO of Corpay, said: "GPS is our third largest deal ever. We are 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."

Post-acquisition, Corpay will enhance its global footprint by processing cross-border payments for approximately 23,000 customers across six continents, handling transactions in more than 145 currencies. The firm aims to boost its operational capabilities in the international payments sector.

$2B Growth Target and Global Expansion

Besides the acquisition announcement, Corpay highlighted its financial outlook for the second quarter of 2024. The company expects results to align with the midpoint of the guidance provided in its May 8, 2024, earnings release. Investors and stakeholders can anticipate a detailed report on Corpay’s Q2 performance in early August.

Last month, Corpay expanded its operations by acquiring Paymerang, a provider of accounts payable automation solutions, to strengthen its services for corporate clients. This deal seeks to boost Corpay's presence in sectors such as education, healthcare, hospitality, and manufacturing.

According to the firm, the addition of over 250,000 merchants from Paymerang to Corpay's existing network of over 1 million vendors is among the important benefits of the deal. Besides that, Corpay most recently grew its cross-border payments business with the launch of a new office in Auckland, New Zealand.