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M&A
Corpay to acquire Paymerang; aims for market presence expansion
Business Expense Management
May 8, 2024
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Business Expense Management

Business Expense Management

May 8, 2024

Corpay to acquire Paymerang; aims for market presence expansion

M&A

  • Corpay has signed a formal agreement to acquire Paymerang, an accounts payable and receivable automation platform, to expand Corpay's presence in four vertical markets: Education, healthcare, hospitality, and manufacturing. The deal is set to wrap up in the second quarter of 2024, subject to regulatory approval and closing conditions.

  • This acquisition is expected to assist Corpay in expanding its market reach, especially in areas where Paymerang already has a strong footing with satisfied customers, ERPs, and partners. It is also set to add over 250,000 merchants to Corpay. When combined, Corpay and Paymerang are projected to process payments worth USD 120 billion annually.

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