Wright Express Corp. bolstered its prepaid-travel products presence in the United Kingdom by purchasing CorporatePay Ltd., a provider of virtual and actual prepaid cards and other travel-industry expense-management products.
Terms of the deal, valued at $27.5 million (£17 million), were not disclosed in the South Portland, Maine-based processor’s May 11 announcement.
London-based CorporatePay’s growth in developing and delivering business-to-business prepaid products and software fits into Wright Express’ future plans, Michael Dubyak, chairman and chief executive officer of Wright Express, said in the press release.
The acquisition boosts Wright’s on-the-ground presence within the UK and Europe, which represent markets with significant opportunities, Dubyak noted.
“It supplements our existing product offering to now include prepaid single-use accounts, or virtual cards," he said.
Wright specializes in processing payments from its fleet cards, fuel cards and commercial credit cards for businesses in the shipping and travel industries. It also benefits from online ventures with travel booking sites Priceline and Expedia and from mobile-payment applications for Google Inc. Android devices or Apple Inc. iPhones and iPads.
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