Corpay

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Corpay, Inc.
Company typePublic
IndustryFinancial data services
Founded1986; 39 years ago (1986)[1]
HeadquartersTerminus 100
Atlanta, Georgia, U.S.
Key people
Ronald F. Clarke
(Chairman & CEO)
RevenueIncrease US$3.97 billion (2024)
Increase US$1.79 billion (2024)
Increase US$1.00 billion (2024)
Total assetsIncrease US$17.9 billion (2024)
Total equityDecrease US$3.15 billion (2024)
OwnerRonald F. Clarke (4.58%)
Number of employees
11,200 (2024)
SubsidiariesPacific Pride
Websitecorpay.com
Footnotes / references
[2]

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.[2]

History

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The predecessor of the company was founded in 1986.[1]

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.[3]

In November 2019, the company moved its headquarters to Terminus 100.[4]

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.[5][6][7][8]

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.[9]

In March 2024, the company changed its name to Corpay.[8]

Financing

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In June 2002, Summit Partners invested $45 million in the company.[10]

In July 2005, Bain Capital invested $75 million in the company.[11]

In November 2006, Advent invested $46 million in the company.[12]

In December 2010, Fleetcor became a public company via an initial public offering, raising $335 million.[13]

Contract wins

[edit]
# Year Company Notes Ref(s).
1 August 2004 Citgo [14]
2 2005 BP [15]
3 September 2007 Chevron Corporation Lost the contract to WEX Inc. in 2016 [16][17]
4 February 2011 Shell plc Europe/Asia In partnership with Logical; €300 million [18]
5 July 2013 Husky Energy [19]
6 August 2016 Speedway [20]

Acquisitions

[edit]
# Year Company Price Description Ref(s).
1 September 2003 Commercial Fueling Network (CFN) [21]
2 October 2004 Mannatec [22]
3 September 2006 KeyFuels Fuel-card operator in the United Kingdom [23]
4 October 2006 CCS Fuel-card operator in the Czech Republic [23][24]
5 April 2007 Fambo UK Limited $34.3 million Fuel card company based in the United Kingdom [25]
6 March 2008 Abbey Fuelcards $15 million One of the leading fuel card resellers in the UK [26][25]
7 June 2008 ICP International Card Products B.V. $5.9 million Payment transaction processing company based in the Netherlands [25]
8 July 2008 Petrol Plus Region $49 million fuel card provider based in Russia [27]
9 April 2009 CLC Group (Corporate Lodging Consultants) $169.1 million Entered the lodging payments business [25][28]
10 August 2009 ReD (Retail Decisions) Fuel Cards $62.9 million Fleet card company based in the United Kingdom [25][29]
11 December 2011 AllStar Business Solutions $304 million Fuel card operator in the United Kingdom [30]
12 February 2012 Efectivale Fuel and food payments services company in Mexico [31][32]
13 July 2012 CTF $180 million Fuel payment processing services provider in Brazil [33]
14 March 2013 GE Capital's Fuel Card Business in Australia [34]
15 April 2013 CardLink Fuel card operator in New Zealand [35][36][37]
16 September 2013 VB Serviços and DB Trans $300 million Providers of transportation cards and vouchers in Brazil [38][39][40]
17 November 2013 Epyx SaaS system and a network of vehicle repair garages serving fleet operators in the UK [41]
18 November 2013 NexTraq US-based provider of telematics; sold in 2017 to Michelin [42][43]
19 May 2014 Fuel card customer portfolio of Shell plc in Germany [44]
20 May 2014 Pacific Pride $50 million [45]
21 June 2014 Minority investment in Masternaut European-based provider of telematics solutions [46]
22 November 2014 Comdata $3.45 billion Global provider of fuel cards and workforce payment products to businesses [47]
22 March 2016 Sem Parar 4.086 billion reais ($1.1 billion) Largest electronic toll payments firm in Brazil [48]
23 August 2016 Travelcard Universal fuel card issuer in the Netherlands [49]
24 August 2017 Cambridge Global Payments $690 million B2B international payments provider [50]
25 November 2017 Creative Lodging Solutions Lodging provider to businesses [51]
26 November 2017 Minority investment in Qui! Group Italian-based provider of food vouchers [52]
27 May 2018 Minority investment in P97 Networks Provider of cloud-based mobile commerce and behavioral marketing products [53][54]
28 May 2019 Nvoicepay $255 million Automated invoicing services for more than 400 customers [55]
29 July 2019 SOLE Financial Payroll card provider enabling instant wage access for workers [56]
30 October 2019 Travelliance Airline lodging programs [57]
31 August 2022 Accrualify Accounts payable software [58]
32 May 2024 Paymerang $475 million Accounts payable automation [59]
33 July 2025 Alpha Group International $2.2 billion British financial services business focused on FX risk management for corporate businesses [60]

References

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  1. ^ a b "Fleetcor Technologies, Inc. 2019 Annual Report (Form 10-K)". March 2, 2020.
  2. ^ a b "Corpay, Inc. 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 27, 2025.
  3. ^ "FleetCor CEO Ron Clarke Turns Winning Career Into A Home Run". Investor's Business Daily. February 20, 2020.
  4. ^ Sams, Douglas (April 3, 2019). "Fleetcor moving HQ from Peachtree Corners to 27-story Buckhead tower". American City Business Journals.
  5. ^ Kanell, Michael E. (August 16, 2023). "Atlanta-based FleetCor says 'nyet' to Russia business, sells interests". The Atlanta Journal-Constitution.
  6. ^ Schilling, Erin (August 15, 2023). "Fleetcor sells Russia business". American City Business Journals.
  7. ^ "FLEETCOR Exits Russia" (Press release). Business Wire. August 15, 2023.
  8. ^ a b Donastorg, Mirtha (March 8, 2024). "FLEETCOR rebrands to Corpay after string of controversies". The Atlanta Journal-Constitution.
  9. ^ Goggin, Kayla (January 21, 2025). "Corporate payments company challenges FTC injunction at 11th Circuit". Courthouse News Service.
  10. ^ "Atlanta Firm FleetCor Raises $45 Million in New Capital". WRAL-TV. June 4, 2002.
  11. ^ Syre, Steven (July 6, 2005). "Bain invests $75m in Fleetcor". Boston.com.
  12. ^ Rubner, Justin (November 6, 2006). "Fleetcor raises $46M for European expansion". American City Business Journals.
  13. ^ Baldwin, Clare (December 16, 2010). McCormick, Gerald E.; Lewis, Matthew (eds.). "FleetCor shares rise in debut, other IPOs drab". Reuters.
  14. ^ "FleetCor Gets Citgo Fleet Processing Contract". HDT Truckinginfo. August 26, 2004.
  15. ^ "BP Extends Fleetcor Fuel Card Contract". Convenience Store News. September 25, 2008.
  16. ^ "Chevron chooses Fleetcor". Fleet Owner. September 6, 2007.
  17. ^ "How WEX Won Chevron From Fleetcor". Barron's. December 20, 2016.
  18. ^ Roberts, Gareth (February 21, 2011). "Logica and FleetCor Technologies sign €300 million Shell fuelcard deal". Fleet News.
  19. ^ "FleetCor Awarded Canadian Commercial Fleet Card Contract" (Press release). Business Wire. July 23, 2013.
  20. ^ "Speedway, Fleetcor Sign Commercial Fleet Card Contract". CSP Daily News. August 9, 2016.
  21. ^ "Fleetcor and CFN Announce Merger". Automotive Fleet. September 22, 2003.
  22. ^ "FleetCor Announces Acquisition of Mannatec Inc". Automotive Fleet. October 19, 2004.
  23. ^ a b "FleetCor Acquires Eastern European Fuel Card Company". Automotive Fleet. October 13, 2006.
  24. ^ "Fleetcor further expands European presence by acquiring second European Fuel Card Company". Commercial Fueling Network (Press release). October 11, 2006.
  25. ^ a b c d e "FINAL PROSPECTUS". U.S. Securities and Exchange Commission. December 14, 2010.
  26. ^ "Abbey Fuelcards is bought out". Fleet News. May 22, 2008.
  27. ^ Wilmoth, Adam (April 26, 2003). "Devon completes $5.3 billion merger with Ocean Energy; More than 98 percent approve companies' deal". The Oklahoman.
  28. ^ Watson, Rip (April 13, 2009). "FleetCor Acquires CLC to Expand Client Services". Transport Topics.
  29. ^ "Fleetcor acquires UK and Ireland fuel card businesses of Retail Decisions". Private equity wire. August 17, 2009.
  30. ^ "FleetCor buys UK fuel card co for $304 mln". Reuters. December 13, 2011.
  31. ^ "FleetCor Technologies, Inc. acquired Efectivale S. de R.L. for $21.8 million". MarketScreener. February 29, 2012.
  32. ^ Clinton, Paul (September 12, 2019). "Fleetcor's Next Steps in Fleet Payments". Automotive Fleet.
  33. ^ "FleetCor Successfully Completes Acquisition of CTF Technologies" (Press release). U.S. Securities and Exchange Commission. July 11, 2012.
  34. ^ "FleetCor Acquires GE Capital's Fuel Card Business in Australia" (Press release). Business Wire. March 26, 2013.
  35. ^ Smith, Rick (April 30, 2013). "FleetCor Buys New Zealand's CardLink". The Motley Fool.
  36. ^ McBeth, Paul (July 11, 2018). "Spencer family sells Cardlink to NYSE-listed FleetCor". National Business Review.
  37. ^ "FleetCor Adds New Zealand's Cardlink to its Portfolio". Automotive Fleet. May 8, 2013.
  38. ^ "FleetCor Announces Acquisitions in Brazil" (Press release). Business Wire. September 11, 2013.
  39. ^ Jones, Kristin (September 10, 2013). "FleetCor to Buy Two Brazilian Companies for $300M". The Wall Street Journal.
  40. ^ Alva, Marilyn (November 1, 2013). "FleetCor Roadmap Looks Far To Fuel Growth In Trucking". Investor's Business Daily.
  41. ^ "FleetCor acquires Epyx". Fleet News. November 1, 2013.
  42. ^ "Fleetcor Acquires NexTraq, A Leading Telematics Provider". Business Wire (Press release). October 30, 2013.
  43. ^ "Michelin to acquire Nextraq, a telematics provider, from Fleetcor". Reuters. June 14, 2017.
  44. ^ Couret, Jacques (May 1, 2014). "Fleetcor expands globally in Shell and Chevron deals". American City Business Journals.
  45. ^ Dyer, Shane (May 1, 2014). "WEX, Inc. Divests of Pacific Pride Services". Fuels Market News.
  46. ^ "Summit Partners and FleetCor Technologies Acquire Masternaut, a European Leader in Telematics". Marketwired (Press release). June 4, 2014.
  47. ^ "FleetCor Completes Acquisition of Comdata" (Press release). U.S. Securities and Exchange Commission. November 17, 2014.
  48. ^ Parra-Bernal, Guillermo; Cascione, Silvio (March 15, 2016). Simon, W (ed.). "FleetCor pays $1.1 billion for Brazil toll payment firm Sem Parar". Reuters.
  49. ^ "Fleetcor Tech says acquires Travelcard". Reuters. August 4, 2016.
  50. ^ "FLEETCOR Closes On Its $690M Buy Of Cambridge Global Payments". pymnts.com. August 10, 2017.
  51. ^ "Fleetcor Technologies acquires Creative Lodging Solutions". Reuters. November 1, 2017.
  52. ^ "Fleetcor Technologies acquires minority stake in QUI! Group". World M&A Alliance. November 15, 2017.
  53. ^ "Fleetcor invests in P97's mobile commerce tech for fuel payments". Industry Dive. May 4, 2018.
  54. ^ "FLEETCOR And P97 Form Strategic Partnership To Accelerate Mobile Payments At Gas Stations". Reuters. May 3, 2018.
  55. ^ Rogoway, Mike (May 13, 2019). "Beaverton financial tech company Nvoicepay was part of $255 million acquisition". The Oregonian.
  56. ^ Baker, Linda (July 9, 2019). "Fleetcor to acquire payroll provider". Freight Waves.
  57. ^ "Holland & Knight Advises FleetCor in Acquisition of Travelliance". Holland & Knight. October 2, 2019.
  58. ^ "FLEETCOR Acquires AP Software Firm Accrualify". pymnts.com. August 3, 2022.
  59. ^ "Aldrich Capital Partners Announces Sale of Paymerang to Corpay" (Press release). PR Newswire. May 8, 2024.
  60. ^ Basil, Arasu Kannagi (July 23, 2025). Majumdar, Shilpi (ed.). "Payments firm Corpay to buy UK's Alpha Group in $2.2 billion private markets push". Reuters.
[edit]
  • Official website
  • Business data for Corpay: