Corporate payments company Corpay has completed the acquisition of B2B cross-border solutions provider GPS Capital Markets.
The company announced its plans to acquire GPS Capital Markets in June, a month after saying it signed a definitive agreement to acquire accounts payable (AP) automation solutions provider Paymerang.
“With the addition of Paymerang and now GPS, we expect our Corporate Payments business to exceed $1.5 billion in revenue in 2025,” Corpay Chairman and CEO Ron Clarke said in a Monday (Dec. 2) press release. “Our integration planning is well underway, and we expect significant profit contribution next year from both acquisitions.”
Corpay also said in the release that it completed the divestiture of Comdata Merchant POS Solutions, a point-of-sale (POS) hardware and software solution for truck stop merchants. The company sold this business to private equity-backed company PDI Technologies.
“The transaction is a result of last year’s strategic review to simplify the company and focus on our core business,” Corpay said in the press release.
In its own press release about the transaction, PDI Technologies said its acquisition of this business will expand and strengthen PDI’s existing POS portfolio.
“PDI’s integration with Comdata Merchant Solutions will allow us to deliver a more comprehensive and efficient POS solution, ultimately benefiting both convenience retailers and their customers,” Brad McGuinness, senior vice president and general manager, POS solutions at PDI Technologies, said in the release.
When announcing Corpay’s plan to acquire GPS Capital Markets in June, Clarke said it would be the company’s third largest deal ever and would help Corpay scale its corporate payments business.
“We’re quite excited about GPS’ assets include a blue-chip roster of clients, a team of terrific FX specialists, and a market leading FX netting technology,” Clarke said at the time.
When announcing the company’s intention to acquire Paymerang a month earlier, in May, Corpay said in a press release that the deal will add Paymerang’s AP automation solutions to Corpay’s corporate payments capabilities and expand Corpay’s presence in the education, healthcare, hospitality and manufacturing verticals.
“This acquisition is right in our wheelhouse and exactly the kind of transaction we find most attractive,” Clarke said at the time. “It’s a business growing over 20%, within corporate payments, where we can accelerate growth and profitability.”
The post Corpay Expands Corporate Payments Business With Acquisition of GPS appeared first on PYMNTS.com.
