PYMNTS MonitorEdge May 2024

Paymerang Says Acquisition by Corpay Will Help Create Jobs

FLEETCOR Rebrands to Corpay, Highlights B2B Solutions

Paymerang said the planned acquisition of the company by Corpay will help Paymerang continue its mission and create new jobs.

The provider of accounts payable (AP) automation solutions shared the news in a Thursday (May 9) post on LinkedIn after Corpay announced the deal in a Wednesday (May 8) press release.

“We are thrilled to share that we are joining the Corpay team,” Paymerang said in the post. “This acquisition will help us to continue our mission to provide world-class AP automation and continue to create new jobs.”

Corpay said in the release that it signed a definitive agreement to acquire Paymerang.

The deal will add Paymerang’s AP automation solutions to Corpay’s corporate payments capabilities and will expand Corpay’s presence in the education, healthcare, hospitality and manufacturing verticals, the company said in the release.

Subject to regulatory approval and standard closing conditions, the transaction is expected to close in the second quarter, according to the release.

“This acquisition is right in our wheelhouse and exactly the kind of transaction we find most attractive,” Corpay Chairman and CEO Ron Clarke said in the release. “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.”

The acquisition will add Paymerang’s 250,000 merchants to Corpay’s existing network of more than 1 million vendors and, together, will bring the total annual spend processed by the businesses to $120 billion, according to the release.

Corpay’s payment solutions are focused on vehicle-related expenses, travel expenses and AP, per the release.

The company was formerly known as FLEETCOR Technologies before rebranding to Corpay in March.

A day before announcing the rebranding, the company closed a majority investment in Brazilian vehicle payments company Zapay, saying the investment 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 total of 9 million drivers in the country.

During Corpay’s most recent earnings call Wednesday, Clarke said of the Paymerang acquisition: “Because it’s so super-adjacent to what we do, the synergies are quite meaningful to us. It will be quite accretive in around 2025.”

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