MCLEAN, Va., May 8, 2024 /PRNewswire/ — Aldrich Capital Partners (ACP), a McLean-based growth equity firm, today announced the signing of definitive agreement for the sale of its portfolio company Paymerang to Corpay (NYSE: CPAY). Paymerang, a leader in payment automation solutions, joins Corpay, enhancing its offerings in the B2B payments sector across the education, healthcare, hospitality, and manufacturing industries.
Mirza Baig, Managing Partner at ACP, commented on the sale, “We are immensely proud of the Paymerang team and their accomplishments. Their dedication to innovation and client service has set a gold standard in the payments industry. We look forward to seeing their continued success in Richmond, VA under Corpay’s ownership.”
“I’m incredibly grateful to our employees, customers, and partners for their commitment and hard work. We couldn’t have gotten here without them,” said Nasser Chanda, CEO of Paymerang. “Partnering with Aldrich was a game-changer for us during this journey. They provided more than just capital; they were actively involved in refining our go-to-market strategies and scaling our sales model. Their operational expertise helped us expand our product line and steered us through a period of rapid expansion, leading to an astonishing 1200% growth since 2017. Now, by joining Corpay, we are set to broaden our offerings to include cross-border payments and commercial card solutions, marking an exciting new chapter for our team. This transition is a major win for our customers, partners, and the Richmond, VA business community.”
“Paymerang is the type of business we created ACP to serve and help scale. As former entrepreneurs, we can relate to the dedicated team at Paymerang who values pragmatic counsel and operational resources that effect real change,” said Raz Zia, Managing Partner at ACP. “Paymerang has established itself as a prominent employer in both the Richmond, VA area and Southwest VA, recognized widely as one of the best places to work in both regions.”
The transaction is set to close in the second quarter of 2024, pending regulatory approvals and customary closing conditions.
About Aldrich Capital Partners
Founded in 2014, ACP specializes in equity investments in the healthcare IT, fintech, and application software sectors. By leveraging deep operational expertise and an extensive network, ACP supports its portfolio companies’ growth and innovation. The firm is headquartered in McLean, VA, with additional offices in Silicon Valley. For more information, please visit www.aldrichcap.com.
About Paymerang
As a recognized leader in financial automation, Paymerang offers advanced solutions that integrate AI, data capture technologies, and electronic document workflows to address complex AP challenges. Since its acquisition by ACP in 2018, Paymerang has achieved an annual growth rate over 40%, securing its position as a top workplace and an Inc. 5000 company. For more information, please visit www.paymerang.com.
Mateen Syed
+1 (703) 349-6774
media@aldrichcap.com
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SOURCE Aldrich Capital Partners
