The corporate payments firm Corpay (NYSE: CPAY), with its headquarters in Atlanta, CA, is purchasing Paymerang, a Richmond, VA-based business that specializes in accounts payable automation solutions.
The deal’s value was not disclosed. Subject to regulatory clearance and customary closing conditions, the deal is anticipated to conclude in the second quarter of 2024.
Through the purchase, Corpay’s footprint is increased throughout four vertical markets: manufacturing, hospitality, healthcare, and education. Together, the companies will handle $120 billion in yearly spending as Paymerang adds over 250,000 merchants to Corpay’s already-existing merchant network of over 1 million sellers.
About Paymerang
Paymerang offers a simplified invoice and payment automation technology that moves accounts payable departments into the contemporary era. The company is led by CEO Nasser Chanda.
About Corpay
A worldwide S&P 500 corporate payments firm, Corpay is managed by chairman and CEO Ron Clarke and assists both consumers and corporations in controlling and managing their spending. The payment solutions offered by the company assist clients in handling expenditures linked to their vehicles (like parking and gasoline), travel (like hotel reservations), and accounts payable (like vendor payments).
