A leading company in the field of business payments, Business acquire Paymerangleader in accounts payable automation solutions. Corpay announced today that it has entered into a definitive agreement. This acquisition expands Corpay’s presence in four attractive vertical markets: education, healthcare, hospitality and manufacturing.
The transaction is expected to close in the second quarter of 2024, subject to regulatory approval and standard closing conditions.
“This acquisition is in our business area and exactly the type of transaction we find most interesting. This is a business growing by more than 20%, within Corporate Payments, where we can accelerate growth and profitability,” said Ron Clarke, President and CEO of Corpay, Inc.“This will help us sell more in several major verticals where Paymerang has a strong position with satisfied customers, ERPs and partners.”
Paymerang adds more than 250,000 merchants to Corpay’s existing merchant network of more than 1 million vendors, and together the companies will process $120 billion in annual spend.