Corpay to acquire Paymerang

Corpay announced that it has signed a definitive agreement to acquire Paymerang, a leader in accounts payables automation solutions. The acquisition expands Corpay’s presence in four attractive vertical markets: education, healthcare, hospitality and manufacturing. The transaction is expected to close in the second quarter of 2024, subject to regulatory approval and standard closing conditions. Paymerang adds over 250,000 merchants to Corpay’s existing merchant network of over 1 million vendors, and together the businesses will process $120 billion in annual spend.