Corpay, an Atlanta, California-based corporate payments company and a constituent of the S&P 500, has declared its intention to acquire Paymerang, a provider of accounts payable automation solutions from Richmond, Virginia. The financial specifics remain undisclosed, but the deal is predicted to conclude in Q2 2024, contingent on regulatory nods and customary closure conditions. This strategic move aims to significantly expand Corpays presence in four principal industries: education, healthcare, hospitality, and manufacturing. Paymerang’s platform is poised to add over 250,000 merchants to Corpays million-vendor network, with the joint total annual spend touching the $120 billion mark following the merger. CEO Nasser Chanda has propelled Paymerang as a frontrunner in simplifying invoice and payment processing, enhancing efficiency and cutting operational costs. Corpay, under the leadership of Chairman and CEO Ron Clarke, offers global payment solutions including vehicle expenses management and broader accounts payable services. This acquisition is aligned with Corpays ambition to intensify its service offerings and strengthen its market stance as corporate payments rapidly pivot to digital and automated systems.

Financial Technologies (FinTech), Corporate Payments,Atlanta, California, USA, Richmond, Virginia, USA