Corpay
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Corpay, Inc. (formerly Fleetcor Technologies), headquartered in Atlanta, Georgia, provides payments and spend management systems and services that control expense-related purchasing and payment processes. The company focuses on vehicle-related expenses, lodging expenses, and corporate payments.
History
The predecessor of the company was founded in 1986.
In August 2000, Ronald F. Clarke was named CEO; at that time, the company was a provider of fuel cards to businesses and its estimated annual revenues were $25 million.
In November 2019, the company moved its headquarters to Terminus 100.
In October 2023, due to the Russian invasion of Ukraine, the company sold its businesses in Russia for $197 million; it had been criticized for not selling the interests earlier.
In 2019, the Federal Trade Commission sued the company for obscuring fees and misleading consumers about fuel card discounts; in 2023 it received an injunction against the company preventing it from continuing the practice.
In March 2024, the company changed its name to Corpay.
Financing
In June 2002, Summit Partners invested $45 million in the company.
In July 2005, Bain Capital invested $75 million in the company.
In November 2006, Advent invested $46 million in the company.
In December 2010, Fleetcor became a public company via an initial public offering, raising $335 million.
Contract wins
| # | Year | Company | Notes | Ref(s). |
|---|---|---|---|---|
| 1 | August 2004 | Citgo | ||
| 2 | 2005 | BP | ||
| 3 | September 2007 | Chevron Corporation | Lost the contract to WEX Inc. in 2016 | |
| 4 | February 2011 | Shell plc Europe/Asia | In partnership with Logical; €300 million | |
| 5 | July 2013 | Husky Energy | ||
| 6 | August 2016 | Speedway |
Acquisitions
| # | Year | Company | Price | Description | Ref(s). |
|---|---|---|---|---|---|
| 1 | September 2003 | Commercial Fueling Network (CFN) | |||
| 2 | October 2004 | Mannatec | |||
| 3 | September 2006 | KeyFuels | Fuel-card operator in the United Kingdom | ||
| 4 | October 2006 | CCS | Fuel-card operator in the Czech Republic | ||
| 5 | April 2007 | Fambo UK Limited | $34.3 million | Fuel card company based in the United Kingdom | |
| 6 | March 2008 | Abbey Fuelcards | $15 million | One of the leading fuel card resellers in the UK | |
| 7 | June 2008 | ICP International Card Products B.V. | $5.9 million | Payment transaction processing company based in the Netherlands | |
| 8 | July 2008 | Petrol Plus Region | $49 million | fuel card provider based in Russia | |
| 9 | April 2009 | CLC Group (Corporate Lodging Consultants) | $169.1 million | Entered the lodging payments business | |
| 10 | August 2009 | ReD (Retail Decisions) Fuel Cards | $62.9 million | Fleet card company based in the United Kingdom | |
| 11 | December 2011 | AllStar Business Solutions | $304 million | Fuel card operator in the United Kingdom | |
| 12 | February 2012 | Efectivale | Fuel and food payments services company in Mexico | ||
| 13 | July 2012 | CTF | $180 million | Fuel payment processing services provider in Brazil | |
| 14 | March 2013 | GE Capital's Fuel Card Business in Australia | |||
| 15 | April 2013 | CardLink | Fuel card operator in New Zealand | ||
| 16 | September 2013 | VB Serviços and DB Trans | $300 million | Providers of transportation cards and vouchers in Brazil | |
| 17 | November 2013 | Epyx | SaaS system and a network of vehicle repair garages serving fleet operators in the UK | ||
| 18 | November 2013 | NexTraq | US-based provider of telematics; sold in 2017 to Michelin | ||
| 19 | May 2014 | Fuel card customer portfolio of Shell plc in Germany | |||
| 20 | May 2014 | Pacific Pride | $50 million | ||
| 21 | June 2014 | Minority investment in Masternaut | European-based provider of telematics solutions | ||
| 22 | November 2014 | Comdata | $3.45 billion | Global provider of fuel cards and workforce payment products to businesses | |
| 22 | March 2016 | Sem Parar | 4.086 billion reais ($1.1 billion) | Largest electronic toll payments firm in Brazil | |
| 23 | August 2016 | Travelcard | Universal fuel card issuer in the Netherlands | ||
| 24 | August 2017 | Cambridge Global Payments | $690 million | B2B international payments provider | |
| 25 | November 2017 | Creative Lodging Solutions | Lodging provider to businesses | ||
| 26 | November 2017 | Minority investment in Qui! Group | Italian-based provider of food vouchers | ||
| 27 | May 2018 | Minority investment in P97 Networks | Provider of cloud-based mobile commerce and behavioral marketing products | ||
| 28 | May 2019 | Nvoicepay | $255 million | Automated invoicing services for more than 400 customers | |
| 29 | July 2019 | SOLE Financial | Payroll card provider enabling instant wage access for workers | ||
| 30 | October 2019 | Travelliance | Airline lodging programs | ||
| 31 | August 2022 | Accrualify | Accounts payable software | ||
| 32 | May 2024 | Paymerang | $475 million | Accounts payable automation | |
| 33 | July 2025 | Alpha Group International | $2.2 billion | British financial services business focused on FX risk management for corporate businesses |
External links
- Business data for Corpay: