Stocks & Financial News
Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts
Corpay to Acquire a Full AP Corporate Payments Company
The transaction is expected to close in the second quarter of 2024, subject to regulatory approval and standard closing conditions.
"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," said Ron Clarke, chairman and chief executive officer, Corpay, Inc. "It will help us sell more in several large verticals where Paymerang has a strong position with satisfied customers, ERPs and partners."
Paymerang adds over 250,000 merchants to Corpay's existing merchant network of over 1 million vendors, and together the businesses will process $120 billion in annual spend.
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 modern payment solutions help its customers better manage vehicle-related expenses (e.g. fueling and parking), travel expenses (e.g. hotel bookings) and accounts payable (e.g. paying vendors). This results in our customers saving time and ultimately spending less. Corpay - Payments made easy. To learn more visit www.corpay.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508064801/en/
SOURCE: Corpay, Inc.
<img alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&sty=20240508064801r1&sid=cmtx6&distro=nx&lang=en" style="width:0;height:0" />
Investor Relations Jim Eglseder, 770-417-4697 Jim.Eglseder@corpay.com Media Relations Chad Corley, 770-729-502 Chad.Corley@corpay.com
COMTEX_452079674/1006/2024-05-08T16:05:04