- Fleetcor Technologies Inc., a corporation known primarily under the Corpay brand, has confirmed that it will acquire the firm Global Reach Group in an acquisition.
- Global Reach Group is a British company that works in the payments sphere with firms from different sectors.
- “Since entering the cross-border payments space five years ago, we’ve built a market-leading cross-border payments business that will play an important role in our growth moving forward. The acquisition is expected to be immediately accretive in 2023,” said a senior spokesperson at Fleetcor.
Fleecor Technologies, a major provider in the fast money transfer sector, has announced that it will be acquiring Global Reach Group, a new British company in the payments sector.
The move will boost Fleetcor’s position as a major non-banking payments operator and expand its position in various key markets. These are expected to include the European Union, UK and Canadian markets.
Ron Clarke, CEO and Chairman of Fleetcor, said that the new arrangement was likely to be promising from the initial launch onwards.
“Since entering the cross-border payments space five years ago, we’ve built a market-leading cross-border payments business that will play an important role in our growth moving forward. The acquisition is expected to be immediately accretive in 2023,” he said.
Mark Frey, Group President of Cross-Border Solutions, explained that the team of Global Reach would be welcomed into the corporation.
“We’re very excited to welcome Global Reach and its talented team to the Fleetcor cross-border family under our Corpay brand,” he said.
He added that expansion was a key motivation behind the move.
“With the acquisition, we can better serve our customers while continuing to expand our presence in a number of core geographic markets,” he said.
Fleetcor has long since been a big name in this sector. It operates in over 140 currencies and caters to well over 25,000 clients across the globe.
Global Reach Group, meanwhile, is less well known but is described as having a capacity for a generalist approach. It works primarily in the international payments world across various business sectors. It also works with firms of various different sizes.
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