Corpay, (NYSE: CPAY), an Atlanta, CA-based company funds firm, is to accumulate Paymerang, a Richmond, VA-based firm which focuses on accounts payables automation options.
The quantity of the deal was not dislcosed. The transaction is anticipated to shut within the second quarter of 2024, topic to regulatory approval and customary closing situations.
The acquisition expands Corpay’s presence in 4 vertical markets: training, healthcare, hospitality and manufacturing. Paymerang provides over 250,000 retailers to Corpay’s current service provider community of over 1 million distributors, and collectively the companies will course of $120 billion in annual spend.
Led by Nasser Chanda, Chief Government Officer, Paymerang offers a streamlined Bill and cost automation platform that brings Accounts Payable departments into the fashionable age.
Led by Ron Clarke, chairman and chief government officer, Corpay is a worldwide S&P 500 company funds firm that helps companies and customers handle and pay bills in a managed method. Its suite of cost options assist its clients handle vehicle-related bills (e.g. fueling and parking), journey bills (e.g. resort bookings) and accounts payable (e.g. paying distributors).
FinSMEs
10/05/2024
