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Corpay to Acquire Cross-Border Payments Company GPS Capital Markets

global payments, remittances, international, cross-border payments

Corporate payments company Corpay is acquiring business-to-business cross-border/treasury management firm GPS Capital Markets.

“GPS is our third largest deal ever. We’re 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,” Corpay CEO Ron Clarke said in a news release provided to PYMNTS Wednesday (June 19). “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.”

Following the acquisition, expected to close early next year, Corpay will process cross-border payments for around 23,000 customers in more than 145 currencies on six continents.

Also Wednesday, Corpay announced its outlook for its second quarter, saying it expects its results to be in line with the midpoint of the financial guidance provided last month. The company will release its second quarter earnings in early August.

Corpay had been known as FLEETCOR Technologies until March of this year, when it rebranded to its newer and simpler name.

And last month, the company’s management said it was focused on building a “narrower, simpler company that we can manage and compound.”

Also in May, Corpay announced it had signed a definitive agreement to acquire Paymerang in a deal that adds Paymerang’s accounts payable (AP) automation solutions to Corpay’s corporate payments capabilities and expand Corpay’s presence in the education, healthcare, hospitality and manufacturing spaces.

“This acquisition is right in our wheelhouse and exactly the kind of transaction we find most attractive,” Clarke said at the time. “It’s a business growing over 20%, within corporate payments, where we can accelerate growth and profitability. It will help us sell more in several large verticals where Paymerang has a strong position with satisfied customers, [enterprise resource planning (ERP) systems] and partners.”

Also this year, Corpay closed a majority investment in Brazilian vehicle payments company Zapay, saying the deal would further scale its vehicle payments business in Brazil, provide access to Zapay’s 2 million monthly users and increase Corpay’s reach to a 9 million drivers in South America’s largest country.