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Corpay, Inc. (NYSE: CPAY) is a global leader in corporate payments, assisting businesses and consumers to manage expenses efficiently and effectively. As an S&P500 company, Corpay offers a comprehensive suite of modern payment solutions that help its clients better handle vehicle-related costs, such as fueling and parking, travel expenditures like hotel bookings, and payables management, including vendor payments. These solutions aim to save clients both time and money.
Corpay recently announced the acquisition of Paymerang, a leading payment automation provider. This strategic move aims to enhance Corpay's offerings in the B2B payments sector, particularly in the education, healthcare, hospitality, and manufacturing industries. The transaction is expected to close in the second quarter of 2024, pending regulatory approvals.
Paymerang’s integration into Corpay will bring advanced financial automation solutions to the table, incorporating AI, data capture technologies, and electronic document workflows. These enhancements are set to broaden Corpay’s product line to include cross-border payments and commercial card solutions, providing significant benefits to its customers, partners, and the Richmond, VA business community.
With a commitment to innovation and client service, Corpay continues to thrive and expand its market presence, making it a pivotal player in the corporate payments industry. The company’s strategic partnerships and acquisitions, like that of Paymerang, underscore its dedication to offering cutting-edge payment solutions to its diverse client base.
Corpay (NYSE: CPAY) has appointed Mike Jeffrey as the new USA Chief Revenue Officer (CRO), a role designed to lead the company's newly combined U.S. sales organization. Reporting directly to the CEO, Jeffrey will be responsible for new bookings in Corpay's core U.S. market, including Fleet, Payables, and Workforce Lodging businesses. He will also direct cross-sell initiatives to capitalize on the significant white space among existing customers who already purchase products from multiple Corpay divisions.
Jeffrey, a former Paychex senior sales executive with 20 years of experience, most recently served as Vice President of HCM Solution Sales. His appointment aligns with Corpay's strategic direction of scaling existing core businesses and supports the company's long-standing track record of sales success. The new CRO role aims to create a more unified, single view of the customer across all Corpay segments.
Corpay's Cross-Border business has partnered with AbbeyCross to provide FX Payments services to Emerging Markets through the ABX Platform. As one of the first non-bank providers to join, Corpay Cross-Border will offer competitive Emerging Markets foreign exchange rates and access to its global network and innovative payment solutions.
Corpay Cross-Border handles payments to 200 countries in 145+ currencies, including over 100 exotic currencies. The ABX Platform connects banks and non-bank Financial Institutions, enabling transparent and competitive rates from multiple providers. This partnership aims to enhance FX payments capabilities, improve market access, and bring transparency to emerging market payments.
Corpay's Cross-Border business has been named the Official Foreign Exchange (FX) Supplier of Everton Football Club, a founding member of the Premier League. This partnership allows Everton to use Corpay Cross Border's innovative solutions to mitigate foreign exchange exposure from their daily business operations. Everton will also have access to Corpay's award-winning platform to manage global payments from a single point.
Brad Loder, Chief Marketing Officer of Corpay Cross-Border Solutions, expressed honor in the partnership, highlighting it as a step towards solidifying Corpay's position in the Premier League. Richard Kenyon, Everton's Chief Commercial and Communications Officer, welcomed the long-term partnership, noting the global exposure Corpay will receive during Everton's final season at Goodison Park and their move to a new waterfront stadium.
Corpay (NYSE: CPAY) has been named to the TIME World's Best Companies 2024 rankings, presented by TIME and Statista. This recognition highlights Corpay's success as a global corporate payments company, driven by its people and culture. The ranking is based on three key dimensions: Employee Satisfaction, Revenue Growth, and Sustainability (ESG).
Crystal Williams, Chief Human Resources Officer at Corpay, emphasized the company's focus on its employees and culture, noting their contribution to Corpay's consistent double-digit growth since going public in 2010. The company's workforce of over 10,000 employees worldwide has been instrumental in achieving this recognition.
Corpay's inclusion in this prestigious list follows other recent accolades, including being Certified™ by Great Places to Work® for 2024 and named to Newsweek's Top 100 Global Most Loved Workplaces® list in the previous year.
Corpay Cross-Border, a division of Corpay, Inc. (NYSE: CPAY), has been named the Official Foreign Exchange (FX) Partner of Manchester City, the current Premier League title holder. The partnership also includes becoming an Official Partner of Manchester City Women. This collaboration will provide Manchester City access to Corpay Cross-Border's innovative solutions for mitigating foreign exchange exposure and managing global payments from a single platform.
Brad Loder, Chief Marketing Officer of Corpay Cross-Border Solutions, expressed excitement about the partnership and its alignment with Corpay's focus on global brand growth and corporate payments solutions. Kaitlyn Beale, VP of City Football Group Global Partnership Sales, welcomed Corpay as a market leader that will enhance the club's services and support its global expansion.
Corpay (NYSE: CPAY), a global corporate payments company, has been Certified™ by Great Places to Work® for 2024. This prestigious award is based on employee feedback, with nearly 70% of U.S.-based Corpay employees rating it as a great workplace. The certification process revealed both strengths and areas for improvement, which the company is actively addressing.
Crystal Williams, Chief Human Resources Officer at Corpay, emphasized the company's focus on providing an excellent employee experience. The certification highlights Corpay's commitment to fostering a positive workplace culture and its potential to attract top talent. According to Great Place To Work research, job seekers are 4.5 times more likely to find a great boss at a Certified workplace, and employees are 93% more likely to look forward to coming to work.
Corpay (NYSE: CPAY) announced its financial results for Q2 2024, showing slight improvements over expectations. Revenue increased by 3% to $975.7 million compared to Q2 2023, which had included $32 million from their sold Russia business. Net income rose by 5% to $251.6 million, with a 10% rise in net income per diluted share to $3.52. EBITDA increased by 4% to $517.7 million. The company highlighted the closure of its Paymerang acquisition on July 1, a 14% rise in adjusted net income per diluted share ex-Russia, and share repurchases totaling 3.3 million in 2024. The updated 2024 outlook includes revenues between $3,975 million and $4,025 million, and net income per diluted share between $14.85 and $15.15.
For Q3 2024, Corpay expects revenues between $1,015 million and $1,035 million, and adjusted net income per diluted share between $4.90 and $5.00. The company also anticipates revenue growth acceleration driven by sales and retention improvements in the second half of 2024.
Corpay (NYSE: CPAY), a global corporate payments company, has announced it will release its second quarter 2024 financial results on Wednesday, August 7, 2024. The company will host a conference call at 5:30 pm ET on the same day to discuss the results. Ron Clarke (CEO), Tom Panther (CFO), and Jim Eglseder (Investor Relations) will lead the call.
Investors can access the live webcast from Corpay's investor relations website or join via phone. A replay will be available until August 15, 2024. This announcement provides an opportunity for investors and analysts to gain insights into Corpay's financial performance and future outlook.
Corpay's Cross-Border business has been named the Official Foreign Exchange (FX) Supplier for World Athletics, the international governing body for athletics. This partnership will provide World Athletics and its broader family with access to currency risk management and cross-border payments solutions.
Through Corpay Cross-Border's award-winning platform, World Athletics will be able to manage global payments from a single point of access, helping to mitigate foreign exchange exposure in their day-to-day operations. World Athletics President Sebastian Coe highlighted the importance of this partnership, noting that the organization receives most of its income in USD but makes substantial payments in various currencies annually.
Corpay's Cross-Border business has been named the Official B2B Foreign Exchange (FX) Partner for AEG Presents UK in Europe. This partnership will provide AEG Presents UK with access to Corpay Cross-Border's innovative solutions to mitigate foreign exchange exposure and manage global payments from a single platform. Brad Loder, Chief Marketing Officer of Corpay Cross-Border Solutions, expressed excitement about expanding their footprint in the live music, events, and entertainment industry. Stephen Van Dyk, Vice President & Finance Director of AEG Presents UK, stated they are looking forward to utilizing Corpay's platform and services.
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