AP Automation Vendor Paymerang Acquired by Corpay

Corporate payments firm Corpay announced it has signed a definitive agreement to acquire AP automation solutions provider Paymerang. 

The transaction is expected to close in the second quarter of 2024, subject to regulatory approval and standard closing conditions.

“This acquisition is right in our wheelhouse and exactly the kind of transaction we find most attractive. It’s a business growing over 20%, within Corporate Payments, where we can accelerate growth and profitability,” said Ron Clarke, chairman and chief executive officer, Corpay, Inc. “It will help us sell more in several large verticals where Paymerang has a strong position with satisfied customers, ERPs and partners.”

Paymerang got into the Microsoft Business Applications space in April 2023 with the acquisition of the assets of KwikTag. 

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, according to the company.