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Corpay, Inc., a FLEETCOR Technologies company (NYSE: FLT), is a leading global provider of business payment solutions dedicated to helping companies of all sizes better manage, track, and pay their expenses. Corpay offers a comprehensive suite of online payment solutions, including Bill Payment, AP Automation, Cross-Border Payments, Currency Risk Management, and Commercial Card Programs. As the #1 B2B commercial Mastercard® issuer in North America, Corpay processes over a billion transactions each year, ensuring businesses gain complete control and visibility of all transactions while simultaneously reducing costs and maximizing efficiency.
With its recent partnership with Reveel, Corpay has expanded its capabilities by integrating advanced parcel spend management tools into its payment automation platform. This collaboration empowers businesses to streamline their financial operations, optimize costs, and make informed decisions with real-time data. The joint solution also offers cash rebates on most AP transactions, providing additional revenue opportunities for businesses.
Headquartered in Irvine, California, Corpay serves over 500,000 commercial accounts with millions of cardholders across the United States, Canada, Mexico, Europe, Africa, and Asia. The company has experienced significant growth, driven by its core principles of determination, outstanding value, industry-leading products, and a commitment to quality. Over the last decade, Corpay has grown more than 40%, maintaining its position as the world’s largest provider of commercial fleet card programs.
Corpay’s financial technology solutions are designed to consolidate card programs, manage expenses on-the-go, and automate payment workflows. This ensures businesses can mitigate the risk of payment fraud, manage their payment remittance information securely, and achieve compliance with a robust security infrastructure. Corpay’s innovative products and strategic partnerships continue to revolutionize the financial management landscape, providing businesses with the tools they need to succeed in a competitive market.
ALE Solutions, part of FLEETCOR (NYSE:FLT), has appointed Albert (A.J.) Novak as its new president. Novak brings over 30 years of B2B experience, with leadership roles at ServiceMaster Restore and Response Team 1. He aims to enhance value for customers while leveraging technology to improve service. Notably, ALE recently launched the MyALE HOME App, allowing policyholders to manage temporary housing needs conveniently. ALE continues to solidify its position as a leading provider of temporary housing solutions for displaced policyholders.
FLEETCOR Technologies, Inc. (NYSE: FLT) has extended its agreement with British Petroleum (NYSE: BP) to manage BP's commercial fleet card program across over 6,500 locations in North America. This renewed partnership highlights BP's satisfaction with FLEETCOR's performance and future plans for the program. The partnership is expected to strengthen FLEETCOR's position in the business payments sector, enabling them to enhance expense management solutions for businesses.
FLEETCOR Technologies reported a robust second quarter for 2022, with revenues rising 29% to $861.3 million and net income up 34% to $262.2 million. Adjusted net income per share grew 32% to $4.17. Organic revenue growth was 17%, driven primarily by lodging and corporate payments. The company has adjusted its 2022 guidance, expecting total revenues between $3,380 million and $3,420 million and adjusted net income between $1,230 million and $1,250 million.
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.
FLEETCOR Technologies (NYSE: FLT) will host a conference call on August 3, 2022, at 5:00 pm ET to discuss its second quarter financial results. The call will feature CEO Ron Clarke, CFO Charles Freund, and investor relations representative Jim Eglseder. A press release detailing the financial results will be issued after market close on the same day. The call will be accessible via the company's investor relations website and by phone. A replay will be available one hour after the call until August 10, 2022.
FLEETCOR Technologies (NYSE: FLT) has made its mark on the Fortune 1000 and Forbes Global 2000 lists for the sixth consecutive year. According to the 2022 Fortune 1000 ranking, the company improved its position, climbing two spots, and continues to be a top contender in the Business Services sector. Its 2021 revenue rose by 19% and net income per diluted share increased by 23% compared to 2020. The firm is recognized for its growth in revenue and profitability, solidifying its status in the global corporate payments market.
Levarti's MAX Vision Disruption Management software is now operational at HK Express, enhancing passenger communication and experience during flight disruptions. This self-service portal allows passengers to manage disruptions, offering quick rebooking options and reducing operational costs. Integrated with HK Express's systems, MAX Vision facilitates smarter decision-making and logistics management. Levarti aims to support HK Express in maintaining affordable service while improving operational efficiency, especially during changes triggered by COVID.
Triterras and Corpay have announced a collaboration offering Kratos platform members access to Corpay’s cross-border payment and foreign currency exchange solutions. This partnership aims to mitigate foreign exchange exposure and streamline global payment processes for micro, small, and medium enterprises (MSMEs). Corpay's onboarding will include necessary due diligence and know your client (KYC) procedures. The collaboration is expected to enhance operational efficiency and provide competitive advantages for MSMEs in managing currency risks and payments.
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