Corporate payments company Corpay is set to acquire accounts payable automation firm Paymerang. Financial terms of the deal have not been disclosed.
The acquisition will add over 250,000 merchants to Corpay’s existing network of more than one million vendors, enabling the combined businesses to process $120 billion in annual spending. The deal, which is expected to close in Q2, will also enhance Corpay’s presence in sectors such as education, healthcare, hospitality, and manufacturing.
Ron Clarke, CEO of Corpay, stated, “This acquisition is right in our wheelhouse and exactly the kind of transaction we find most attractive. It’s a business growing over 20%, within Corporate Payments, where we can accelerate growth and profitability.”