Raphael Michilis
Payment processor Wright Express Corporation has acquired the stock of the UK-based CorporatePay for about USD27.5mi.
Payment processor Wright Express Corporation has acquired the stock of the UK-based CorporatePay for about USD27.5mi.
The acquisition means a broader
range of products and a rapid expansion into the European market for the
American payment processor, that has more than 350,000 customers.
The deal also includes a potential
earn-out of USD8.84mi to the British prepaid solutions provider, who had over
USD 398 mi in load volume in 2011.
CorporatePay is focused in the
travel industry and its portfolio includes physical and virtual cards,
multi-currency cards, and corporate branded cards.
"First, it accelerates our on the
ground presence within the U.K. and
Europe , markets in which we see significant
opportunities. Second, it supplements our existing product offering to now
include prepaid single use accounts, or virtual cards," said Michael Dubyak,
chairman and CEO of Wright Express.
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