FLEETCOR Technologies, a global provider of commercial payment solutions, announced Wednesday (Aug. 9) that it has closed its acquisition of Cambridge Global Payments, the B2B international payments provider, for approximately $690 million. The deal was announced on May 1.
In a press release, FLEETCOR said Cambridge, founded in 1992, processed $25 billion in B2B cross-border payments last year, helping more than 13,000 business clients make international payments to suppliers and employees. Cambridge’s proprietary technology serves the needs of SMB and mid-cap businesses, enabling its clients the flexibility of making wire, EFT, draft and check payments in more than 140 currencies, FLEETCOR noted in the press release. Cambridge’s headquarters will remain in Toronto. The acquisition of Cambridge provides FLEETCOR with entry into the $145-billion B2B cross-border payments market. The addition of Cambridge’s global corporate payments capabilities will enable FLEETCOR to pay both domestic and international AP payments for the same client, a significant differentiator in the commercial mark, the company added in the prepared statements.
In addition to inking a deal to buy Cambridge back in May the payment company has been busy expanding its business and naming new executives to help. In June the company appointed Steve Greene to the role of president of Global Fuel Cards, The role was created to promote the growth of the company’s gas card product line, which work like credit cards in that they store money in order to pay for corporate goods. “In his new role, Steve will codify best practices to standardize the company’s fuel card marketing, sales and operational processes, as well as merchant relations, across regions,” the company said in its release at the time, adding that Greene will also work with a team of product and planning specialists to focus on growth and product innovation for FLEETCOR’s line of gas card products. “Steve has proven himself to be an exceptional leader, and I am confident he will excel in this role as we look to drive global fuel card growth,” said Chief Executive Officer and Chairman Ron Clarke. “I look forward to working closely with Steve in this new position.”