Corpay buys cross-border solutions provider GPS Capital Markets, unloads POS business to PDI Technologies
Corpay has bolstered its corporate payments business with the acquisition of GPS Capital Markets, a cross-border solutions provider based in the US, for an undisclosed sum.
Corpay acquires GPS Capital Markets for undisclosed sum
The deal to acquire GPS Capital Markets was first inked in June this year, a month after Corpay agreed to also buy invoice and accounts payable (AP) automation platform Paymerang for approximately $475 million.
“With the addition of Paymerang and now GPS, we expect our corporate payments business to exceed $1.5 billion in revenue in 2025,” comments Corpay CEO and chairman, Ron Clarke.
“Our integration planning is well underway, and we expect significant profit contribution next year from both acquisitions,” adds Clarke.
With this development, Corpay has also announced its completed divestiture of Comdata Merchant POS Solutions, a point-of-sale (POS) hardware and software solution for truck stop merchants, to PDI Technologies. The financial terms of the deal have been left undisclosed.
Having first acquired the unit through its $3.45 billion acquisition of Comdata from Ceridian LLC in 2014, Corpay says its decision to divest “is a result of last year’s strategic review to simplify the company and focus on our core business”.
