Company, Inc. (NYSE: CPAY), a global enterprise payments company, today announced that it has signed a definitive agreement to acquire GPS Capital MarketsLLC. GPS provides cross-border business-to-business treasury management and transaction solutions to upper middle market companies, primarily in the United States.
The transaction is expected to close in early 2025, subject to regulatory approval and standard closing conditions.
“GPS is our third largest contract to date. We are very excited about GPS’s strengths, including a blue chip client list, a fantastic team of FX specialists and market leading FX clearing technology,” said Ron Clarke, President and CEO of Corpay, Inc. “GPS has significant revenue and expense synergies and will be accretive to our EPS in 2025. This acquisition puts us on track to grow our enterprise payments business to nearly $2 billion by 2026.”
Following this acquisition, Corpay will process cross-border payments for approximately 23,000 customers in more than 145 currencies across six continents.
Outlook for the second quarter of 2024
Additionally, Corpay currently expects second quarter 2024 results to be in line with the midpoint of the financial guidance provided in its May 8, 2024 earnings release. The Company will release its second quarter results in early August.
Conference call
The Company will host a conference call to discuss the GPS acquisition at 4:30 p.m. ET on June 20, 2024. The conference call will be webcast live from the Company’s Investor Relations website at http://investor.corpay.com. The conference call can also be accessed live by telephone by dialing (877) 423-9813 or (201) 689-8573. A replay will be available one hour after the call and can be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the replay access ID is 13747282. The replay will be available until June 27, 2024. Prior to the conference call, the Company will issue a supplemental presentation that will be discussed during the call and live webcast.