Corpay to acquire Paymerang in strategic move to enhance B2B payment solutions
In a significant development within the B2B payments sector, Corpay (NYSE: CPAY) has signed a definitive agreement to acquire Paymerang, a McLean-based leader in payment automation solutions. This acquisition is poised to enhance Corpay’s service offerings across various industries including education, healthcare, hospitality, and manufacturing, marking a notable expansion in their capabilities.
Details of the Transaction
The transaction, expected to close in the second quarter of 2024, is subject to regulatory approvals and customary closing conditions. While the specific financial terms of the deal have not been disclosed, this acquisition highlights the growing importance of integrated payment solutions in the B2B space.
Strategic Growth and Expansion
Under the ownership of Aldrich Capital Partners (ACP) since 2018, Paymerang has experienced remarkable growth, boasting a 1200% increase in its operations due to significant innovations and expansions in its product line. This growth has been further complemented by an annual growth rate of over 40%, establishing Paymerang as a top workplace and an Inc. 5000 company. The integration into Corpay will likely enhance their ability to offer advanced solutions like cross-border payments and commercial card solutions.
Leadership Comments
Mirza Baig, Managing Partner at ACP, expressed pride in Paymerang’s achievements, noting their set standard in the payments industry. Nasser Chanda, CEO of Paymerang, acknowledged the role of Aldrich in their success, highlighting the strategic partnership that fueled their growth and expansion. Raz Zia, also a Managing Partner at ACP, emphasized their commitment to supporting businesses like Paymerang that leverage pragmatic counsel and operational resources for growth.
Impact on the Richmond Business Community
The acquisition is a significant development for the Richmond, Virginia business community, where Paymerang is a recognized employer and an influential player in the local economy. This move is expected to bring enhanced services and opportunities to the area, reinforcing its status as a hub for business innovation and growth.