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Corpay

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Corpay, Inc.
Company typePublic
IndustryFinancial data services
Founded2000; 24 years ago (2000)[1]
HeadquartersTerminus 100
Atlanta, Georgia, U.S.
Key people
Ronald F. Clarke
(Chairman & CEO)
RevenueIncrease US$3.76 billion (2023)
Increase US$1.66 billion (2023)
Increase US$982 million (2023)
Total assetsIncrease US$15.5 billion (2023)
Total equityIncrease US$3.28 billion (2023)
Number of employees
10,500 (2023)
Subsidiaries
  • ALE Solutions
  • Allstar Business Solutions
  • CLC Lodging
  • Comdata
  • Corpay
  • Epyx Ltd.
  • FleetCards USA
  • Fuelman
  • PayByPhone
  • Paymerang
  • r2c
  • Sem Parar
  • TA Connections
Websitecorpay.com
Footnotes / references
[2]

Corpay, Inc. (formerly FLEETCOR Technologies) is a global business payments and spend management company that provides solutions that control expense-related purchasing and payment processes. Corpay is an S&P 500 company with a portfolio of brands that automate, secure, digitize and manage billions of payment transactions annually on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia-Pacific.[3]

History

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2000–2005

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In 2000, Ron Clarke joined the company as CEO when the company's estimated annual revenues were $25 million.[4]

In 2002, Boston-based venture capitalist Summit Partners invested $45 million in FleetCor to expand and “[recruit] major regional and national convenience stores into the fleet program.”[5]

In 2003, Fleetcor merged with Commercial Fueling Network (CFN).[6] The following year, FleetCor acquired Mannatec Inc.[7] In March. In 2004, the company partnered with Citgo “to process Citgo Petroleum Corp.’s commercial fleet card, the CITGOFleet card.”[8] In 2005, Fleetcor began a relationship with BP, a contract that has since been extended several times.[9]

2006–2009

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Bain Capital invested $75 million in Fleetcor in 2006, thus giving the company the capital to expand its presence across Europe.[10] Fleetcor acquired United Kingdom company KeyFuels in 2006, processing over 500,000 business fleets.[11] Other European acquisitions from 2006 to 2009 included Abbey Fuelcards,[12] CSS,[13] ICP Smart Concepts,[14] Petrol Plus Region (the largest independent fuel card company in Russia), and The Fuelcard Company (a United Kingdom commercial fuel card reseller).[15]

Along with its European expansion, Fleetcor continued to grow its US presence. In 2007, Fleetcor won a long-term card processing contract by Chevron USA[16] but lost the contract to WEX in 2016.[17] With the addition of an investment of $46 million in equity from Advent in 2006 for European expansion,[18] Fleetcor launched British Petroleum (BP) Mastercard, a North American major oil co-branded fleet card, and introduced FleetCardsUsa.com, a fleet card web portal.[19]

In 2009, Fleetcor acquired Corporate Lodging Consultants, a provider of workforce travel savings and solutions for companies.[20] Fleetcor launched Global FleetNet, a global card processing platform,[21] and purchased Retail Decisions’ United Kingdom fleet card operations.[22]

2010–2013

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In 2010, Fleetcor went public, debuting a $335 million initial public offering.[23] That year, it renewed the British Petroleum (BP) United States fleet card contract and acquired Carnet, a Czech Republic provider of telematics solutions.[24]

Fleetcor won the $300 million Shell Europe/Asia fleet card processing contract (with Logical) in 2011[25] and acquired Mexico’s Efectivale (a fuel and food payments services company)[26] and acquired AllStar Business Solutions (fuel card provider in the UK market) for $304 million.[27]

Fleetcor continued its global expansion in 2012 by acquiring a leading fuel card systems company in Russia[28] and CTF, a fuel payment processing services provider in Brazil, for $180 million.[29]

2013–2017

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In 2013, Fleetcor acquired the following: Australia’s FleetCard,[30] New Zealand’s Cardlink,[31] VB Serviços (a provider of transportation cards and vouchers in Brazil),[32] DB Trans (also in Brazil),[33] Epyx (a SaaS system and a network of vehicle repair garages serving fleet operators in the UK),[34] and NexTraq, a US-based provider of telematics solutions.[35] Fleetcor also signed three deals in 2013, with GE Custom Fleet in Australia,[36] Good Card, a leading Brazilian fuel card network operator, and Husky Oil Limited.[37]

In 2014, the company established minority investment in Masternaut, a European-based provider of telematics solutions,[38] signed definitive documents to acquire Shell's SME portfolio in select European markets,[39] and acquired Pacific Pride (a cardlock fueling network operating in the US and Canada)[40] and Comdata (a business-to-business provider of innovative electronic payment solutions) for $3.45 billion.[41] BP awarded Fleetcor a long-term contract in 2015.[42]

Fleetcor acquired Travelcard (universal fuel card issuer in the Netherlands)[43] and Sem Parar (electronic toll payments company in Brazil) in 2016,[44] and Fleetcor signed an agreement to manage the commercial fuel card program for Speedway LLC (Speedway) the same year.[45]

Fleetcor joined the Fortune 1000 in 2017,[46] and expanded to Italy with minority investment in Qui! Group, an Italian-based provider of food voucher and card solutions.[47] Cambridge Global Payments, a B2B international payments provider,[48] and Creative Lodging Solutions, a leading lodging provider to businesses, were added to Fleetcor's acquisitions as well.[49]

2018–present

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Named by Forbes as a Global 2000 Growth Champion[50] and one of the World's Most Innovative Companies,[51] Fleetcor joined the S&P 500 in 2018.[52] Fleetcor made a minority investment in P97 Networks, Inc., a cloud-based mobile commerce solutions company, the same year.[53]

In 2019, Fleetcor led three major acquisitions: Nvoicepay (an Account Payables automation for businesses company), Sole Financial (a payroll card provider), and Travelliance (airline lodging programs).[54] In November 2019, Fleetcor officially opened a new corporate office in the Terminus 100 office.[55] In August 2022, Fleetcor acquired Accrualify, an accounts payable software firm.[56] In August 2023, Fleetcor sold its business in Russia and exited the market.[57] In March 2024, the company changed its name to Corpay.

In May 2024, Corpay acquired Paymerang, a Richmond, Virginia headquartered accounts payable automation company for $475 million.[58]

Criticism

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In response to the 2022 Russian invasion of Ukraine, FLEETCOR took steps to exit the Russian market. The company announced its complete withdrawal from Russia on October 2, 2023, finalizing the sale of its Russian business to a local investment group.[59] Prior to this decision, FLEETCOR had faced criticism for continuing its operations in Russia while other companies scaled back or ceased their presence.[60]

Senior management

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Senior management:[61]

  • CEO: Ron Clarke (August 2000 – present)
  • CFO: Tom Panther (March 2023 – present)
  • CMO: Dan Csont (September 2020 – present)
  • CIO: Scott duFour (February 2019 – present)
  • CAO: Alissa Vickery (January 2011 – present)
  • EVP, Corporate Development & Strategy: Steve Greene (December 2019 – present)
  • CHRO: Crystal Williams (2017 – present)
  • Group President – Corpay Payables: Rick Fletcher (March 2022 – present)
  • Group President – Corpay Cross-Border Solutions: Mark Frey (March 2022 – present)
  • Group President – Vehicle Payments in Europe and Australasia: Alan King (May 2022 – present)
  • Group President – Vehicle Payments in Brazil and North America: Armando Netto (2014 – present)
  • Group President – Lodging: Joff Romoff (January 2023 – present)
  • General Counsel – Daniel Fishbein (July 2019 – present)

References

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  1. ^ "Archived copy". www.fleetcor.com. Archived from the original on 7 December 2011. Retrieved 25 January 2022.{{cite web}}: CS1 maint: archived copy as title (link)
  2. ^ "2023 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 2024-02-29.
  3. ^ "FLEETCOR Technologies, Inc. (FLT)". biz.yahoo.com.
  4. ^ "FleetCor CEO Ron Clarke Turns Winning Career Into A Home Run". Investor's Business Daily. Feb 20, 2020.
  5. ^ "FleetCor Lands $45-Million Infusion". Convenience Store News. Apr 21, 2002.
  6. ^ "Fleetcor and CFN Announce Merger". Automotive Fleet. Sep 22, 2003.
  7. ^ "FleetCor Announces Acquisition of Mannatec Inc". Automative Fleet. Oct 19, 2004.
  8. ^ "FleetCor Gets Citgo Fleet Processing Contract". HDT Truckinginfo. Aug 26, 2004.
  9. ^ "BP Extends Fleetcor Fuel Card Contract". Convenience Store News. Sep 25, 2008.
  10. ^ Syre, Steven (2005-07-06). "Bain invests $75m in Fleetcor". Boston.com. Retrieved 2020-09-14.
  11. ^ "Fleetcor Acquires Keyfuels Fuel Card Processing • 09/14/2006". CardFlash® - Payment Card Industry News. 2006-09-14. Retrieved 2020-09-14.
  12. ^ "Abbey Fuelcards Ltd". Bloomberg.com. Retrieved 2020-09-14.
  13. ^ "Fleetcor further expands European presence by acquiring second European Fuel Card Company". Commercial Fueling Network. October 11, 2006. Retrieved 2020-09-14.
  14. ^ "Fleetcor - Our Company - Company Milestones". Fleetcor.eu. Retrieved 2020-09-14.
  15. ^ "Fleetcor Acquires Leading U.K. Fuel Card Company". Fuelman. April 3, 2007. Retrieved 2020-09-14.
  16. ^ "Chevron chooses Fleetcor". FleetOwner. September 6, 2007. Retrieved 2020-09-14.
  17. ^ "How WEX Won Chevron From Fleetcor". Barrons.com. Retrieved 2020-09-14.
  18. ^ Rubner, Justin (Nov 6, 2006). "Fleetcor raises $46M for European expansion". Bizjournals.com. Retrieved 2020-09-14.
  19. ^ "About Fleetcor". Fleetcor Company Website. Retrieved 2020-09-14.
  20. ^ "Fleetcor Acquires the Leader in Lodging Management Programs for Business" (PDF). Corporate Lodging Consultants. April 2, 2009.
  21. ^ Fleetcor. "Company". Fleetcor. Retrieved 2020-09-14.
  22. ^ "Fleetcor acquires UK and Ireland fuel card businesses of Retail Decisions". Privateequitywire.co.uk. 2009-08-17. Retrieved 2020-09-14.
  23. ^ "Fleetcor Completes Initial Public Offering". investor.fleetcor.com. Retrieved 2020-09-14.
  24. ^ "Renewed British Petroleum (BP) United States fleet card contract & Acquired Carnet". Fleetcor.eu. Retrieved 2020-09-14.
  25. ^ Fleetcor. "Logica and Fleetcor Technologies Sign EUR 300 Million Deal to Provide a Managed Fuel Cards Service for Shell". Fleetcor. Retrieved 2020-09-14.
  26. ^ Clinton, Paul. "Fleetcor's Next Steps in Fleet Payments". Automotive-fleet.com. Retrieved 2020-09-14.
  27. ^ "Fleetcor Acquires UK Fuel Card Company for approximately $304 Million". Fleetcor. Dec 13, 2011.
  28. ^ "Fleetcor Acquires Fuel Card Company in Russia". Businesswire.com. 2012-07-11. Retrieved 2020-09-14.
  29. ^ "Fleetcor Successfully Completes Acquisition of CTF Technologies". investor.fleetcor.com. Retrieved 2020-09-14.
  30. ^ "Fleetcor Acquires GE Capital's Australia Fuel Card Business". Monitordaily. Retrieved 2020-09-14.
  31. ^ "CardLink Systems, Acquired by Fleetcor Technologies, Inc. on April 30th, 2013 | Mergr". mergr.com. Retrieved 2020-09-14.
  32. ^ "Fleetcor Acquires VB Servicos". Fleetcor Company Website. Sep 10, 2013.
  33. ^ "FleetCor Announces Acquisitions in Brazil". investor.fleetcor.com. Retrieved 2020-09-14.
  34. ^ "Fleetcor Acquires Epyx, A Leading Provider to the Fleet Maintenance Marketplace". Businesswire.com. 2013-10-30. Retrieved 2020-09-14.
  35. ^ "Fleetcor Acquires NexTraq, A Leading Telematics Provider". fleetcor.gcs-web.com. Retrieved 2020-09-14.
  36. ^ "Fleetcor and Custom Fleet announce new Australian Fuel Card agreement | GE News". Ge.com. Retrieved 2020-09-14.
  37. ^ "Fleetcor Awarded Canadian Commercial Fleet Card Contract". fleetcor.gcs-web.com. Retrieved 2020-09-14.
  38. ^ "Summit Partners and FleetCor Technologies Acquire Masternaut, a European Leader in Telematics". Businesswire.com. 2014-06-04. Retrieved 2020-09-14.
  39. ^ "Fleetcor expands globally in Shell and Chevron deals". Bizjournals.com. Retrieved 2020-09-14.
  40. ^ "Pacific Pride Services, Acquired by Fleetcor Technologies, Inc. on July 30th, 2014 | Mergr". mergr.com. Retrieved 2020-09-14.
  41. ^ "Fleetcor Agrees to Acquire Comdata for $3.45 Billion". investor.fleetcor.com. Retrieved 2020-09-14.
  42. ^ "BP Awards Fleetcor Long Term Contract". investor.fleetcor.com. Nov 12, 2015. Retrieved 2020-09-14.
  43. ^ "Fleetcor Acquires Travelcard, a Universal Fuel Card Issuer in the Netherlands". Businesswire.com. 2016-08-04. Retrieved 2020-09-14.
  44. ^ Parra-Bernal, Guillermo (2016-03-15). "Fleetcor pays $1.1 billion for Brazil toll payment firm Sem Parar". Reuters (in German). Retrieved 2020-09-14.[dead link‍]
  45. ^ "Speedway, Fleetcor Sign Commercial Fleet Card Contract". CSP Daily News. August 9, 2016. Retrieved 2020-09-14.
  46. ^ "Fleetcor Technologies Company Profile". Fortune. Retrieved 2020-09-14.
  47. ^ "Fleetcor Completes Minority Investment in Qui! Group, a Leading Italian Food Card Provider". Businesswire.com. 2017-02-08. Retrieved 2020-09-14.
  48. ^ "Fleetcor to Acquire "Cambridge Global Payments," a Leading B2B International Payments Provider". Businesswire.com. 2017-05-01. Retrieved 2020-09-14.
  49. ^ "Fleetcor Acquires Creative Lodging Solutions, a Complementary Lodging Network Provider to Businesses". Businesswire.com. 2017-11-01. Retrieved 2020-09-14.
  50. ^ "Fleetcor Recognized for Innovation, Growth, & Success". Businesswire.com. 2018-03-19. Retrieved 2020-09-14.
  51. ^ "Fleetcor Technologies (FLT)". Forbes. Retrieved 2020-09-14.
  52. ^ "Fleetcor Joins S&P 500". Businesswire.com. 2018-06-21. Retrieved 2020-09-14.
  53. ^ "Fleetcor and P97 Form Strategic Partnership to Accelerate Mobile Payments at Gas Stations". Businesswire.com. 2018-05-03. Retrieved 2020-09-14.
  54. ^ "This Company Has Been Aggressively Buying Up Businesses — and It's Working". Fortune. Retrieved 2020-09-14.
  55. ^ "Fleetcor moving HQ from Peachtree Corners to 27-story Buckhead tower". Bizjournals.com. Retrieved 2020-09-14.
  56. ^ PYMNTS (2022-08-03). "FLEETCOR Acquires AP Software Firm Accrualify". www.pymnts.com. Retrieved 2022-08-04.
  57. ^ "Fleetcor sells Russia business". bizjournals.com. 2023-08-15. Retrieved 2023-08-15.
  58. ^ "Corpay Acquires Paymerang for $475 Million to Expand AP Automation Services". Fintech Industry Examiner. 2024-05-13.
  59. ^ "FLEETCOR Exits Russia". Corpay Investor Relations. 2 October 2023. Retrieved 10 December 2024.
  60. ^ "Fleetcor". Leave Russia. Retrieved 10 December 2024.
  61. ^ "Leadership". fleetcor.com. Retrieved 2023-03-20.
[edit]
  • Official website
  • Business data for Corpay:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Corpay&oldid=1262412802"