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Aldrich Capital Partners (ACP) has announced the sale of Paymerang to Corpay, enhancing B2B payment solutions across various industries. The sale, led by ACP, is praised for Paymerang's growth and success under their ownership, with plans to expand offerings under Corpay. The transaction is expected to close in Q2 2024.
Corpay, Inc. reported financial results for Q1 2024, with 6% organic revenue growth and a 17% increase in the Corporate Payments segment. The company announced the acquisition of Paymerang for revenue and profit synergies. Revenues increased to $935.3 million, with net income up 7% to $229.8 million. EBITDA rose 5% to $482.4 million, and adjusted net income increased to $301.3 million. The company updated its FY 2024 outlook with total revenues between $3,960 million and $4,040 million and adjusted net income per diluted share between $18.80 and $19.20.
Corpay, Inc. (NYSE: CPAY) has announced the acquisition of Paymerang, a leader in accounts payables automation solutions, to strengthen its presence in key vertical markets such as education, healthcare, hospitality, and manufacturing. The deal, expected to close in Q2 2024, will expand Corpay's merchant network to over 1.25 million vendors, processing $120 billion in annual spend.