Company:Corpay

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Corpay, Inc.
TypePublic
IndustryFinancial data services
Founded1986; 40 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)
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

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

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

Acquisitions

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

References

  1. ↑ 1.0 1.1 "Fleetcor Technologies, Inc. 2019 Annual Report (Form 10-K)". March 2, 2020. https://investor.corpay.com/static-files/b5affafc-8b3d-4277-b2b3-e0d373d55769. 
  2. ↑ 2.0 2.1 "Corpay, Inc. 2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 27, 2025. https://www.sec.gov/ix?doc=/Archives/edgar/data/1175454/000162828025008746/flt-20241231.htm. 
  3. ↑ "FleetCor CEO Ron Clarke Turns Winning Career Into A Home Run". Investor's Business Daily. February 20, 2020. https://www.investors.com/news/management/leaders-and-success/fleetcor-ceo-ron-clarke-turns-winning-career-home-run/. 
  4. ↑ Sams, Douglas (April 3, 2019). "Fleetcor moving HQ from Peachtree Corners to 27-story Buckhead tower". American City Business Journals. https://www.bizjournals.com/atlanta/news/2019/04/03/fleetcor-moving-hq-from-peachtree-corners-to-27.html. 
  5. ↑ Kanell, Michael E. (August 16, 2023). "Atlanta-based FleetCor says ‘nyet’ to Russia business, sells interests". The Atlanta Journal-Constitution. https://www.ajc.com/news/atlanta-news/atlanta-based-fleetcor-says-nyet-to-russia-business-sells-interests/WBHZTXVUWRD5NGJHJPWB5UUY4Q/. 
  6. ↑ Schilling, Erin (August 15, 2023). "Fleetcor sells Russia business". American City Business Journals. https://www.bizjournals.com/atlanta/news/2023/08/15/fleetcor-sells-russia-business.html. 
  7. ↑ "FLEETCOR Exits Russia" (Press release). Business Wire. August 15, 2023.
  8. ↑ 8.0 8.1 Donastorg, Mirtha (March 8, 2024). "FLEETCOR rebrands to Corpay after string of controversies". The Atlanta Journal-Constitution. https://www.ajc.com/news/business/fleetcor-rebrands-to-corpay-after-string-of-controversies/RZAXIUU2LBEKPGCMQJNWHX5C6Q/. 
  9. ↑ Goggin, Kayla (January 21, 2025). "Corporate payments company challenges FTC injunction at 11th Circuit". Courthouse News Service. https://www.courthousenews.com/corporate-payments-company-challenges-ftc-injunction-at-11th-circuit/. 
  10. ↑ "Atlanta Firm FleetCor Raises $45 Million in New Capital". WRAL-TV. June 4, 2002. https://wraltechwire.com/2002/06/04/atlanta-firm-fleetcor-raises-45-million-in-new-capital/. 
  11. ↑ Syre, Steven (July 6, 2005). "Bain invests $75m in Fleetcor". Boston.com. https://archive.boston.com/business/articles/2005/07/06/bain_invests_75m_in_fleetcor/. 
  12. ↑ Rubner, Justin (November 6, 2006). "Fleetcor raises $46M for European expansion". American City Business Journals. https://www.bizjournals.com/atlanta/stories/2006/11/06/story13.html. 
  13. ↑ Baldwin, Clare (December 16, 2010). "FleetCor shares rise in debut, other IPOs drab". Reuters. https://www.reuters.com/article/world/americas/fleetcor-shares-rise-in-debut-other-ipos-drab-idUSTRE6BE5SX/. 
  14. ↑ "FleetCor Gets Citgo Fleet Processing Contract". HDT Truckinginfo. August 26, 2004. https://www.truckinginfo.com/95504/fleetcor-gets-citgo-fleet-processing-contract. 
  15. ↑ "BP Extends Fleetcor Fuel Card Contract". Convenience Store News. September 25, 2008. https://csnews.com/bp-extends-fleetcor-fuel-card-contract. 
  16. ↑ "Chevron chooses Fleetcor". Fleet Owner. September 6, 2007. https://www.fleetowner.com/technology/article/21669724/chevron-chooses-fleetcor. 
  17. ↑ "How WEX Won Chevron From Fleetcor". Barron's. December 20, 2016. https://www.barrons.com/articles/how-wex-won-chevron-from-fleetcor-1482267314. 
  18. ↑ Roberts, Gareth (February 21, 2011). "Logica and FleetCor Technologies sign €300 million Shell fuelcard deal". Fleet News. https://www.fleetnews.co.uk/news/2011/2/21/logica-and-fleetcor-technologies-sign-300-million-shell-fuelcard-deal/38938/. 
  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. https://www.cspdailynews.com/technologyservices/speedway-fleetcor-sign-commercial-fleet-card-contract. 
  21. ↑ "Fleetcor and CFN Announce Merger". Automotive Fleet. September 22, 2003. https://www.automotive-fleet.com/36324/fleetcor-and-cfn-announce-merger. 
  22. ↑ "FleetCor Announces Acquisition of Mannatec Inc.". Automotive Fleet. October 19, 2004. https://www.automotive-fleet.com/38773/fleetcor-announces-acquisition-of-mannatec-inc. 
  23. ↑ 23.0 23.1 "FleetCor Acquires Eastern European Fuel Card Company". Automotive Fleet. October 13, 2006. https://www.automotive-fleet.com/43521/fleetcor-acquires-eastern-european-fuel-card-company. 
  24. ↑ "Fleetcor further expands European presence by acquiring second European Fuel Card Company". Commercial Fueling Network (Press release). October 11, 2006.
  25. ↑ 25.0 25.1 25.2 25.3 25.4 "FINAL PROSPECTUS". U.S. Securities and Exchange Commission. December 14, 2010. https://www.sec.gov/Archives/edgar/data/1175454/000119312510281111/d424b4.htm. 
  26. ↑ "Abbey Fuelcards is bought out". Fleet News. May 22, 2008. https://www.fleetnews.co.uk/news/2008/5/22/abbey-fuelcards-is-bought-out/27906/. 
  27. ↑ Wilmoth, Adam (April 26, 2003). "Devon completes $5.3 billion merger with Ocean Energy; More than 98 percent approve companies' deal". The Oklahoman. https://newsok.com/article/1926626/devon-completes-53-billion-merger-with-ocean-energybrmore-than-98-percent-approve-companies-deal. 
  28. ↑ Watson, Rip (April 13, 2009). "FleetCor Acquires CLC to Expand Client Services". Transport Topics. https://www.ttnews.com/articles/fleetcor-acquires-clc-expand-client-services. 
  29. ↑ "Fleetcor acquires UK and Ireland fuel card businesses of Retail Decisions". Private equity wire. August 17, 2009. https://www.privateequitywire.co.uk/fleetcor-acquires-uk-and-ireland-fuel-card-businesses-retail-decisions/. 
  30. ↑ "FleetCor buys UK fuel card co for $304 mln". Reuters. December 13, 2011. https://www.reuters.com/article/business/fleetcor-buys-uk-fuel-card-co-for-304-mln-idUSL3E7ND3HX/. 
  31. ↑ "FleetCor Technologies, Inc. acquired Efectivale S. de R.L. for $21.8 million.". MarketScreener. February 29, 2012. https://in.marketscreener.com/quote/stock/CORPAY-INC-6996903/news/FleetCor-Technologies-Inc-acquired-Efectivale-S-de-R-L-for-21-8-million-39435725/. 
  32. ↑ Clinton, Paul (September 12, 2019). "Fleetcor's Next Steps in Fleet Payments". Automotive Fleet. https://www.automotive-fleet.com/340262/fleetcors-next-steps-in-fleet-payments. 
  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. https://www.fool.com/investing/general/2013/04/30/news-fleetcor-buys-cardlink.aspx. 
  36. ↑ McBeth, Paul (July 11, 2018). "Spencer family sells Cardlink to NYSE-listed FleetCor". National Business Review. https://www.nbr.co.nz/spencer-family-sells-cardlink-to-nyse-listed-fleetcor/. 
  37. ↑ "FleetCor Adds New Zealand's Cardlink to its Portfolio". Automotive Fleet. May 8, 2013. https://www.automotive-fleet.com/111488/fleetcor-adds-new-zealand-s-cardlink-to-its-portfolio. 
  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. https://www.wsj.com/articles/DJFLBO0020130910e99ardlyy. 
  40. ↑ Alva, Marilyn (November 1, 2013). "FleetCor Roadmap Looks Far To Fuel Growth In Trucking". Investor's Business Daily. https://www.investors.com/research/the-new-america/fleetcor-and-wex-expand-in-international-markets/. 
  41. ↑ "FleetCor acquires Epyx". Fleet News. November 1, 2013. https://www.fleetnews.co.uk/news/2013/11/1/fleetcor-acquires-epyx/48670/. 
  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. https://www.reuters.com/article/business/michelin-to-acquire-nextraq-a-telematics-provider-from-fleetcor-idUSASM000BUW/. 
  44. ↑ Couret, Jacques (May 1, 2014). "Fleetcor expands globally in Shell and Chevron deals". American City Business Journals. https://www.bizjournals.com/atlanta/news/2014/05/01/fleetcor-expands-globally-in-shell-and-chevron.html. 
  45. ↑ Dyer, Shane (May 1, 2014). "WEX, Inc. Divests of Pacific Pride Services". Fuels Market News. https://fuelsmarketnews.com/wex-inc-divests-pacific-pride-services/. 
  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). "FleetCor pays $1.1 billion for Brazil toll payment firm Sem Parar". Reuters. https://www.reuters.com/article/world/europe/fleetcor-pays-11-billion-for-brazil-toll-payment-firm-sem-parar-idUSKCN0WH1AR/. 
  49. ↑ "Fleetcor Tech says acquires Travelcard". Reuters. August 4, 2016. https://www.reuters.com/article/business/fleetcor-tech-says-acquires-travelcard-idUSFWN1AL18S/. 
  50. ↑ "FLEETCOR Closes On Its $690M Buy Of Cambridge Global Payments". pymnts.com. August 10, 2017. https://www.pymnts.com/news/payments-innovation/2017/fleetcor-closes-on-its-690m-buy-of-cambridge-global-payments/. 
  51. ↑ "Fleetcor Technologies acquires Creative Lodging Solutions". Reuters. November 1, 2017. https://www.reuters.com/article/idUSASB0BQDX/. 
  52. ↑ "Fleetcor Technologies acquires minority stake in QUI! Group". World M&A Alliance. November 15, 2017. https://world-ma.com/transactions/detail/news/fleetcor-technologies-acquires-minority-stake-in-qui-group. 
  53. ↑ "Fleetcor invests in P97's mobile commerce tech for fuel payments". Industry Dive. May 4, 2018. https://www.paymentsdive.com/ex/mpt/news/fleetcor-invests-in-p97s-mobile-commerce-tech-for-fuel-payments/. 
  54. ↑ "FLEETCOR And P97 Form Strategic Partnership To Accelerate Mobile Payments At Gas Stations". Reuters. May 3, 2018. https://www.reuters.com/article/markets/us/fleetcor-and-p97-form-strategic-partnership-to-accelerate-mobile-payments-at-gas-idUSFWN1SA1AJ/. 
  55. ↑ Rogoway, Mike (May 13, 2019). "Beaverton financial tech company Nvoicepay was part of $255 million acquisition". The Oregonian. https://www.oregonlive.com/silicon-forest/2019/05/beaverton-financial-tech-company-nvoicepay-was-part-of-255-million-acquisition.html. 
  56. ↑ Baker, Linda (July 9, 2019). "Fleetcor to acquire payroll provider". Freight Waves. https://www.freightwaves.com/news/fleetcor-to-acquire-payroll-provider. 
  57. ↑ "Holland & Knight Advises FleetCor in Acquisition of Travelliance". Holland & Knight. October 2, 2019. https://www.hklaw.com/en/news/pressreleases/2019/10/holland-and-knight-advises-fleetcor-in-acquisition-of-travelliance. 
  58. ↑ "FLEETCOR Acquires AP Software Firm Accrualify". pymnts.com. August 3, 2022. https://www.pymnts.com/acquisitions/2022/business-payments-company-fleetcor-acquires-ap-software-firm-accrualify/. 
  59. ↑ "Aldrich Capital Partners Announces Sale of Paymerang to Corpay" (Press release). PR Newswire. May 8, 2024.
  60. ↑ Basil, Arasu Kannagi (July 23, 2025). "Payments firm Corpay to buy UK's Alpha Group in $2.2 billion private markets push". Reuters. https://www.reuters.com/legal/transactional/payments-firm-corpay-buy-uks-alpha-group-22-billion-private-markets-push-2025-07-23/. 



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