FleetCor Technologies, with broad operations in fleet cards and payroll solutions, has announced plans to purchase Cambridge Global Payments, which specializes in cross-border business-to-business payments, for $675 million.
Norcross, Ga.-based FleetCor’s purchase of the Toronto-based international payments provider will expand its reach for core services and provide growth opportunities by extending FleetCor's virtual payments solutions to Cambridge’s audience, the companies said in a May 1 press release.
Cambridge, founded in 1992, serves more than 13,000 small and midsize businesses with technologies enabling them to make international wire, EFT, draft and check payments in more than 140 currencies.
FleetCor expects the acquisition to expand its services and volume by integrating domestic AP automation and virtual card solutions from its Comdata subsidiary into Cambridge’s client base, said Ron Clarke, FleetCor's chairman and CEO, in the release.
“Moreover, we believe that this domestic and international AP automation capability will differentiate FleetCor’s solution in the marketplace to deliver a more holistic global solution,” he added.
FleetCor, which purchased Comdata for $3.45 billion in 2014, expects its acquisition of Cambridge to close during the third quarter of this year.