FLEETCOR Completes Cross-Border Payments Acquisition

FLEETCOR Technologies, Inc. (NYSE: FLT), a global business payments company, completed the acquisition of Global Reach Group, a UK-based cross-border payments provider.

With the acquisition, FLEETCOR “increases its cross-border payments scale and strengthens its position as a leading non-bank B2B global cross-border payments provider.”

Global Reach Group “facilitates international payments for customers of all sizes across a variety of industries.” This acquisition “bolsters FLEETCOR’s cross-border payments footprint in the UK, EU and Canada.” Today, FLEETCOR processes cross-border payments “in more than 145 currencies for approximately 27,000 customers worldwide.”

Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc., said:

“Since entering the cross-border payments space five years ago, we’ve built a market-leading cross-border payments business that will play an important role in our growth moving forward. The acquisition is expected to be immediately accretive in 2023.” 

Mark Frey, FLEETCOR’s Group President of Cross-Border Solutions added:

“We’re very excited to welcome Global Reach and its talented team to the FLEETCOR cross-border family under our Corpay brand. With the acquisition, we can better serve our customers while continuing to expand our presence in a number of core geographic markets.”

Jones Day “provided legal counsel to FLEETCOR.” Global Reach was “advised by Eversheds Sutherland and Canaccord Genuity.”

As noted in the update, FLEETCOR Technologies claims it is “a leading global business payments company that helps businesses spend less by providing innovative solutions that control expense-related purchasing and payment processes.”

The FLEETCOR portfolio of brands “automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific.”

Founded in 2001 and headquartered in London, Global Reach has “developed a presence in the UK, Canada, Spain, and the Netherlands.”

As covered in early 2021, FLEETCOR Technologies, Inc. announced that it acquired Roger, a global accounts payable (AP) cloud software platform for small businesses. FLEETCOR reported that the acquisition will extend its portfolio of accounts payable automation solutions to small businesses, helping them automate their manual payment processes.

FLEETCOR also noted that the acquisition provides it with a proven, modern automation platform for B2B online bill payment.

“The [Roger] platform helps SMBs gather and scan invoices and receipts, eliminate manual data entry using machine learning technology, approve and execute payments, setup automated workflows, and sync to accounting systems like QuickBooks Online, Sage Intacct, Xero, and others in real time.”

While sharing more details about the acquisition, Ron Clarke, Chairman and CEO of FLEETCOR, stated:

“This acquisition provides us with a modern, cloud-based, bill payment platform that will immediately open up cross-sell opportunities into our global SMB fuel card base. It’s a big step in expanding our fuel card business into a corporate payments business, and extending our current middle-market corporate payments business into the SMB space.”

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