Corpay Explained

Corpay, Inc.
Image Alt:Terminus 100 Building in Atlanta, HQ of Corpay
Type:Public
Key People:Ronald F. Clarke
(Chairman & CEO)
Industry:Financial data services
Operating Income: US$1.66 billion (2023)
Net Income: US$982 million (2023)
Assets: US$15.5 billion (2023)
Equity: US$3.28 billion (2023)
Num Employees:10,500 (2023)
Founded:[1]
Hq Location:Terminus 100
Atlanta, Georgia, U.S.
Footnotes:[2]

Corpay, Inc. (formerly FLEETCOR Technologies) is a global business payments and spend management company that provides solutions that control expense-related purchasing and payment processes. Corpay is an S&P 500 company with a portfolio of brands that automate, secure, digitize and manage billions of payment transactions annually on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia-Pacific.[3]

History

2000–2005

In 2000, Ron Clarke joined the company as CEO when the company's estimated annual revenues were $25 million.[4]

In 2002, Boston-based venture capitalist Summit Partners invested $45 million in FleetCor to expand and “[recruit] major regional and national convenience stores into the fleet program.”[5]

In 2003, Fleetcor merged with Commercial Fueling Network (CFN).[6] The following year, FleetCor acquired Mannatec Inc.[7] In March. In 2004, the company partnered with Citgo “to process Citgo Petroleum Corp.’s commercial fleet card, the CITGOFleet card.”[8] In 2005, Fleetcor began a relationship with BP, a contract that has since been extended several times.[9]

2006–2009

Bain Capital invested $75 million in Fleetcor in 2006, thus giving the company the capital to expand its presence across Europe.[10] Fleetcor acquired United Kingdom company KeyFuels in 2006, processing over 500,000 business fleets.[11] Other European acquisitions from 2006 to 2009 included Abbey Fuelcards,[12] CSS,[13] ICP Smart Concepts,[14] Petrol Plus Region (the largest independent fuel card company in Russia), and The Fuelcard Company (a United Kingdom commercial fuel card reseller).[15]

Along with its European expansion, Fleetcor continued to grow its US presence. In 2007, Fleetcor won a long-term card processing contract by Chevron USA[16] but lost the contract to WEX in 2016.[17] With the addition of an investment of $46 million in equity from Advent in 2006 for European expansion,[18] Fleetcor launched British Petroleum (BP) Mastercard, a North American major oil co-branded fleet card, and introduced FleetCardsUsa.com, a fleet card web portal.[19]

In 2009, Fleetcor acquired Corporate Lodging Consultants, a provider of workforce travel savings and solutions for companies.[20] Fleetcor launched Global FleetNet, a global card processing platform,[21] and purchased Retail Decisions’ United Kingdom fleet card operations.[22]

2010–2013

In 2010, Fleetcor went public, debuting a $335 million initial public offering.[23] That year, it renewed the British Petroleum (BP) United States fleet card contract and acquired Carnet, a Czech Republic provider of telematics solutions.[24]

Fleetcor won the $300 million Shell Europe/Asia fleet card processing contract (with Logical) in 2011[25] and acquired Mexico’s Efectivale (a fuel and food payments services company)[26] and acquired AllStar Business Solutions (fuel card provider in the UK market) for $304 million.[27]

Fleetcor continued its global expansion in 2012 by acquiring a leading fuel card systems company in Russia[28] and CTF, a fuel payment processing services provider in Brazil, for $180 million.[29]

2013–2017

In 2013, Fleetcor acquired the following: Australia’s FleetCard,[30] New Zealand’s Cardlink,[31] VB Serviços (a provider of transportation cards and vouchers in Brazil),[32] DB Trans (also in Brazil),[33] Epyx (a SaaS system and a network of vehicle repair garages serving fleet operators in the UK),[34] and NexTraq, a US-based provider of telematics solutions.[35] Fleetcor also signed three deals in 2013, with GE Custom Fleet in Australia,[36] Good Card, a leading Brazilian fuel card network operator, and Husky Oil Limited.[37]

In 2014, the company established minority investment in Masternaut, a European-based provider of telematics solutions,[38] signed definitive documents to acquire Shell's SME portfolio in select European markets,[39] and acquired Pacific Pride (a cardlock fueling network operating in the US and Canada)[40] and Comdata (a business-to-business provider of innovative electronic payment solutions) for $3.45 billion.[41] BP awarded Fleetcor a long-term contract in 2015.[42]

Fleetcor acquired Travelcard (universal fuel card issuer in the Netherlands)[43] and Sem Parar (electronic toll payments company in Brazil) in 2016,[44] and Fleetcor signed an agreement to manage the commercial fuel card program for Speedway LLC (Speedway) the same year.[45]

Fleetcor joined the Fortune 1000 in 2017,[46] and expanded to Italy with minority investment in Qui! Group, an Italian-based provider of food voucher and card solutions.[47] Cambridge Global Payments, a B2B international payments provider,[48] and Creative Lodging Solutions, a leading lodging provider to businesses, were added to Fleetcor's acquisitions as well.[49]

2018–present

Named by Forbes as a Global 2000 Growth Champion[50] and one of the World's Most Innovative Companies,[51] Fleetcor joined the S&P 500 in 2018.[52] Fleetcor made a minority investment in P97 Networks, Inc., a cloud-based mobile commerce solutions company, the same year.[53]

In 2019, Fleetcor led three major acquisitions: Nvoicepay (an Account Payables automation for businesses company), Sole Financial (a payroll card provider), and Travelliance (airline lodging programs).[54] In November 2019, Fleetcor officially opened a new corporate office in the Terminus 100 office.[55] In August 2022, Fleetcor acquired Accrualify, an accounts payable software firm.[56] In August 2023, Fleetcor sold its business in Russia and exited the market.[57] In March 2024, the company changed its name to Corpay.

In May 2024, Corpay acquired Paymerang, a Richmond, Virginia headquartered accounts payable automation company for $475 million.[58]

Senior management

Senior management:[59]

Notes and References

  1. Web site: Archived copy . www.fleetcor.com . 25 January 2022 . https://web.archive.org/web/20111207075742/http://www.fleetcor.com/our_company-milestones.htm . 7 December 2011 . dead.
  2. Web site: 2023 Annual Report (Form 10-K) . 2024-02-29 . U.S. Securities and Exchange Commission.
  3. Web site: FLEETCOR Technologies, Inc. (FLT). biz.yahoo.com.
  4. News: FleetCor CEO Ron Clarke Turns Winning Career Into A Home Run. Investor's Business Daily. Feb 20, 2020.
  5. Web site: FleetCor Lands $45-Million Infusion. Convenience Store News. Apr 21, 2002.
  6. Web site: Fleetcor and CFN Announce Merger. Automotive Fleet. Sep 22, 2003.
  7. Web site: FleetCor Announces Acquisition of Mannatec Inc.. Automative Fleet. Oct 19, 2004.
  8. Web site: FleetCor Gets Citgo Fleet Processing Contract. HDT Truckinginfo. Aug 26, 2004.
  9. Web site: BP Extends Fleetcor Fuel Card Contract. Convenience Store News. Sep 25, 2008.
  10. News: Syre. Steven. 2005-07-06. Bain invests $75m in Fleetcor. Boston.com. 2020-09-14.
  11. Web site: 2006-09-14. Fleetcor Acquires Keyfuels Fuel Card Processing • 09/14/2006. 2020-09-14. CardFlash® - Payment Card Industry News. en-US.
  12. Web site: Abbey Fuelcards Ltd. 2020-09-14. Bloomberg.com.
  13. Web site: October 11, 2006. Fleetcor further expands European presence by acquiring second European Fuel Card Company. 2020-09-14. Commercial Fueling Network.
  14. Web site: Fleetcor - Our Company - Company Milestones. 2020-09-14. Fleetcor.eu.
  15. Web site: April 3, 2007. Fleetcor Acquires Leading U.K. Fuel Card Company. 2020-09-14. Fuelman.
  16. Web site: September 6, 2007. Chevron chooses Fleetcor. 2020-09-14. FleetOwner.
  17. Web site: How WEX Won Chevron From Fleetcor. 2020-09-14. Barrons.com. en-US.
  18. Web site: Justin. Rubner. Nov 6, 2006. Fleetcor raises $46M for European expansion. 2020-09-14. Bizjournals.com.
  19. Web site: About Fleetcor. 2020-09-14. Fleetcor Company Website. en-US.
  20. Web site: April 2, 2009. Fleetcor Acquires the Leader in Lodging Management Programs for Business. Corporate Lodging Consultants.
  21. Web site: Fleetcor. Company. 2020-09-14. Fleetcor.
  22. Web site: 2009-08-17. Fleetcor acquires UK and Ireland fuel card businesses of Retail Decisions. 2020-09-14. Privateequitywire.co.uk. en.
  23. Web site: Fleetcor Completes Initial Public Offering . 2020-09-14. investor.fleetcor.com. en.
  24. Web site: Renewed British Petroleum (BP) United States fleet card contract & Acquired Carnet. 2020-09-14. Fleetcor.eu.
  25. Web site: Fleetcor. Logica and Fleetcor Technologies Sign EUR 300 Million Deal to Provide a Managed Fuel Cards Service for Shell. 2020-09-14. Fleetcor.
  26. Web site: Clinton. Paul. Fleetcor's Next Steps in Fleet Payments. 2020-09-14. Automotive-fleet.com.
  27. Web site: Dec 13, 2011. Fleetcor Acquires UK Fuel Card Company for approximately $304 Million. Fleetcor.
  28. Web site: 2012-07-11. Fleetcor Acquires Fuel Card Company in Russia. 2020-09-14. Businesswire.com. en.
  29. Web site: Fleetcor Successfully Completes Acquisition of CTF Technologies. 2020-09-14. investor.fleetcor.com. en.
  30. Web site: Fleetcor Acquires GE Capital's Australia Fuel Card Business. 2020-09-14. Monitordaily. en-US.
  31. Web site: CardLink Systems, Acquired by Fleetcor Technologies, Inc. on April 30th, 2013 Mergr. 2020-09-14. mergr.com.
  32. Web site: Sep 10, 2013. Fleetcor Acquires VB Servicos. Fleetcor Company Website.
  33. Web site: FleetCor Announces Acquisitions in Brazil. 2020-09-14. investor.fleetcor.com. en.
  34. Web site: 2013-10-30. Fleetcor Acquires Epyx, A Leading Provider to the Fleet Maintenance Marketplace. 2020-09-14. Businesswire.com. en.
  35. Web site: Fleetcor Acquires NexTraq, A Leading Telematics Provider. 2020-09-14. fleetcor.gcs-web.com. en.
  36. Web site: Fleetcor and Custom Fleet announce new Australian Fuel Card agreement GE News. 2020-09-14. Ge.com.
  37. Web site: Fleetcor Awarded Canadian Commercial Fleet Card Contract. 2020-09-14. fleetcor.gcs-web.com. en.
  38. Web site: 2014-06-04. Summit Partners and FleetCor Technologies Acquire Masternaut, a European Leader in Telematics. 2020-09-14. Businesswire.com. en.
  39. Web site: Fleetcor expands globally in Shell and Chevron deals. 2020-09-14. Bizjournals.com.
  40. Web site: Pacific Pride Services, Acquired by Fleetcor Technologies, Inc. on July 30th, 2014 Mergr. 2020-09-14. mergr.com.
  41. Web site: Fleetcor Agrees to Acquire Comdata for $3.45 Billion . 2020-09-14. investor.fleetcor.com. en.
  42. Web site: Nov 12, 2015. BP Awards Fleetcor Long Term Contract. 2020-09-14. investor.fleetcor.com. en.
  43. Web site: 2016-08-04. Fleetcor Acquires Travelcard, a Universal Fuel Card Issuer in the Netherlands. 2020-09-14. Businesswire.com. en.
  44. News: Parra-Bernal. Guillermo. 2016-03-15. Fleetcor pays $1.1 billion for Brazil toll payment firm Sem Parar. de. Reuters. 2020-09-14.
  45. Web site: August 9, 2016. Speedway, Fleetcor Sign Commercial Fleet Card Contract. 2020-09-14. CSP Daily News. en.
  46. Web site: Fleetcor Technologies Company Profile. 2020-09-14. Fortune. en.
  47. Web site: 2017-02-08. Fleetcor Completes Minority Investment in Qui! Group, a Leading Italian Food Card Provider. 2020-09-14. Businesswire.com. en.
  48. Web site: 2017-05-01. Fleetcor to Acquire "Cambridge Global Payments," a Leading B2B International Payments Provider. 2020-09-14. Businesswire.com. en.
  49. Web site: 2017-11-01. Fleetcor Acquires Creative Lodging Solutions, a Complementary Lodging Network Provider to Businesses. 2020-09-14. Businesswire.com. en.
  50. Web site: 2018-03-19. Fleetcor Recognized for Innovation, Growth, & Success. 2020-09-14. Businesswire.com. en.
  51. Web site: Fleetcor Technologies (FLT). 2020-09-14. Forbes. en.
  52. Web site: 2018-06-21. Fleetcor Joins S&P 500. 2020-09-14. Businesswire.com. en.
  53. Web site: 2018-05-03. Fleetcor and P97 Form Strategic Partnership to Accelerate Mobile Payments at Gas Stations. 2020-09-14. Businesswire.com. en.
  54. Web site: This Company Has Been Aggressively Buying Up Businesses — and It's Working. 2020-09-14. Fortune. en.
  55. Web site: Fleetcor moving HQ from Peachtree Corners to 27-story Buckhead tower. 2020-09-14. Bizjournals.com.
  56. Web site: PYMNTS . 2022-08-03 . FLEETCOR Acquires AP Software Firm Accrualify . 2022-08-04 . www.pymnts.com . en-US.
  57. Web site: 2023-08-15. Fleetcor sells Russia business. 2023-08-15. bizjournals.com. en.
  58. Web site: 2024-05-13. Corpay Acquires Paymerang for $475 Million to Expand AP Automation Services. Fintech Industry Examiner. en.
  59. Web site: Leadership. 2023-03-20. fleetcor.com.

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