Corpay, (NYSE: CPAY), an Atlanta, CA-based corporate payments company, is to acquire Paymerang, a Richmond, VA-based company which specializes in accounts payables automation solutions.
The amount of the deal was not dislcosed. The transaction is expected to close in the second quarter of 2024, subject to regulatory approval and standard closing conditions.
The acquisition expands Corpay’s presence in four vertical markets: education, healthcare, hospitality and manufacturing. 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.
Led by Nasser Chanda, Chief Executive Officer, Paymerang provides a streamlined Invoice and payment automation platform that brings Accounts Payable departments into the modern age.
Led by Ron Clarke, chairman and chief executive officer, Corpay is a global S&P 500 corporate payments company that helps businesses and consumers manage and pay expenses in a controlled manner. Its suite of payment solutions help its customers manage vehicle-related expenses (e.g. fueling and parking), travel expenses (e.g. hotel bookings) and accounts payable (e.g. paying vendors).
FinSMEs
10/05/2024