FLEETCOR® Acquires Accounts Payable (AP) Automation Software Company

Rhea-AI Summary

FLEETCOR Technologies (NYSE: FLT) has acquired Accrualify, Inc., enhancing its corporate payments platform. This acquisition aims to automate the procure-to-pay (P2P) process for middle-market companies, improving efficiency in accounts payable. CEO Ron Clarke expressed that this technology is expected to increase demand and revenue per client in their payments product line. Legal counsel for the deal was provided by Alston & Bird.

Positive

• Acquisition of Accrualify strengthens FLEETCOR's corporate payments capabilities.
• Accrualify's technology automates the procure-to-pay process, increasing efficiency.
• Expected to drive higher demand and revenue per client for FLEETCOR's payment solutions.

Negative

• None.

Rounds Out Corporate Payments Platform Capabilities

ATLANTA--(BUSINESS WIRE)-- FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, today announced it has acquired Accrualify, Inc., an accounts payable (AP) automation software company. The Accrualify acquisition strengthens FLEETCOR^®’s portfolio of payments solutions and rounds out its corporate payments platform capabilities.

Accrualify’s technology helps companies automate every step of the procure-to-pay (P2P) process, from purchase request to payment. The comprehensive, cloud-based software platform provides middle market companies full end-to-end procurement and invoice process automation as well as payments execution.

“The Accrualify acquisition provides workflow and process automation software that AP departments are looking for, and rounds out our ‘process to execution’ AP payment solution set,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc. “We expect this capability to increase demand and revenue per client for our corporate payments product line.”

Alston & Bird provided legal counsel to FLEETCOR.

About FLEETCOR^®

FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that enable and control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.

About Accrualify

Accrualify offers mid- and enterprise-level companies cloud-based automation solutions to better manage their Procure-to-Pay and accounts payable processes. Accrualify’s products enable more efficient and automated management of purchase orders, accruals, invoices, payments, vendor management, and budgeting. To learn more about Accrualify’s P2P and AP automation tools, visit www.accrualify.com.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005850/en/

Investor Relations

Jim Eglseder, 770-417-4697

Jim.Eglseder@fleetcor.com

Media Relations

Chad Corley, 770-729-5021

Chad.corley@fleetcor.com

Source: FLEETCOR Technologies, Inc.

FAQ

What is the significance of FLEETCOR's acquisition of Accrualify?

The acquisition enhances FLEETCOR's corporate payments platform by integrating advanced accounts payable automation.

How will the Accrualify acquisition impact FLEETCOR's revenue?

FLEETCOR expects the integration to increase demand and revenue per client in its corporate payments product line.

When was FLEETCOR's acquisition of Accrualify announced?

The acquisition was announced on August 3, 2022.

What technology does Accrualify provide that benefits FLEETCOR?

Accrualify offers cloud-based automation solutions for the procure-to-pay process, aiding in invoice and payment management.

Who provided legal counsel for the FLEETCOR and Accrualify transaction?

The legal counsel for FLEETCOR was provided by Alston & Bird.