Corpay

Last updated
Corpay, Inc.
Company type Public
IndustryFinancial data services
Founded1986;39 years ago (1986) [1]
Headquarters Terminus 100
Atlanta, Georgia, U.S.
Key people
Ronald F. Clarke
(Chairman & CEO)
RevenueIncrease2.svg US$3.97 billion (2024)
Increase2.svg US$1.79 billion (2024)
Increase2.svg US$1.00 billion (2024)
Total assets Increase2.svg US$17.9 billion (2024)
Total equity Decrease2.svg US$3.15 billion (2024)
OwnerRonald F. Clarke (4.58%)
Number of employees
11,200 (2024)
Subsidiaries Pacific Pride
Website corpay.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]

Contents

History

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

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

#YearCompanyNotesRef(s).
1August 2004 Citgo [14]
22005 BP [15]
3September 2007 Chevron Corporation Lost the contract to WEX Inc. in 2016 [16] [17]
4February 2011 Shell plc Europe/AsiaIn partnership with Logical; €300 million [18]
5July 2013 Husky Energy [19]
6August 2016 Speedway [20]

Acquisitions

#YearCompanyPriceDescriptionRef(s).
1September 2003Commercial Fueling Network (CFN) [21]
2October 2004Mannatec [22]
3September 2006KeyFuelsFuel-card operator in the United Kingdom [23]
4October 2006CCSFuel-card operator in the Czech Republic [23] [24]
5April 2007Fambo UK Limited$34.3 millionFuel card company based in the United Kingdom [25]
6March 2008Abbey Fuelcards$15 millionOne of the leading fuel card resellers in the UK [26] [25]
7June 2008ICP International Card Products B.V.$5.9 millionPayment transaction processing company based in the Netherlands [25]
8July 2008Petrol Plus Region$49 millionfuel card provider based in Russia [27]
9April 2009CLC Group (Corporate Lodging Consultants)$169.1 millionEntered the lodging payments business [25] [28]
10August 2009ReD (Retail Decisions) Fuel Cards$62.9 millionFleet card company based in the United Kingdom [25] [29]
11December 2011AllStar Business Solutions$304 millionFuel card operator in the United Kingdom [30]
12February 2012EfectivaleFuel and food payments services company in Mexico [31] [32]
13July 2012CTF$180 millionFuel payment processing services provider in Brazil [33]
14March 2013 GE Capital's Fuel Card Business in Australia [34]
15April 2013CardLinkFuel card operator in New Zealand [35] [36] [37]
16September 2013VB Serviços and DB Trans$300 millionProviders of transportation cards and vouchers in Brazil [38] [39] [40]
17November 2013EpyxSaaS system and a network of vehicle repair garages serving fleet operators in the UK [41]
18November 2013 NexTraq US-based provider of telematics; sold in 2017 to Michelin [42] [43]
19May 2014Fuel card customer portfolio of Shell plc in Germany [44]
20May 2014 Pacific Pride $50 million [45]
21June 2014Minority investment in MasternautEuropean-based provider of telematics solutions [46]
22November 2014Comdata$3.45 billionGlobal provider of fuel cards and workforce payment products to businesses [47]
22March 2016Sem Parar4.086 billion reais ($1.1 billion)Largest electronic toll payments firm in Brazil [48]
23August 2016TravelcardUniversal fuel card issuer in the Netherlands [49]
24August 2017Cambridge Global Payments$690 millionB2B international payments provider [50]
25November 2017Creative Lodging SolutionsLodging provider to businesses [51]
26November 2017Minority investment in Qui! GroupItalian-based provider of food vouchers [52]
27May 2018Minority investment in P97 NetworksProvider of cloud-based mobile commerce and behavioral marketing products [53] [54]
28May 2019Nvoicepay$255 millionAutomated invoicing services for more than 400 customers [55]
29July 2019SOLE FinancialPayroll card provider enabling instant wage access for workers [56]
30October 2019TravellianceAirline lodging programs [57]
31August 2022AccrualifyAccounts payable software [58]
32May 2024Paymerang$475 million Accounts payable automation [59]
33July 2025 Alpha Group International $2.2 billionBritish financial services business focused on FX risk management for corporate businesses [60]

References

  1. 1 2 "Fleetcor Technologies, Inc. 2019 Annual Report (Form 10-K)". March 2, 2020.
  2. 1 2 "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. 1 2 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. 1 2 "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. 1 2 3 4 5 "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 .
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