FLEETCOR Completes Acquisition of Cambridge Global Payments, a Leading B2B International Payments Provider
FLEETCOR Technologies, Inc., a leading global provider of commercial payment solutions, has closed its acquisition of Cambridge Global Payments, a leading business-to-business (B2B) international payments provider, for approximately $690 million. The purchase agreement was previously announced on May 1, 2017.
Cambridge, founded in 1992, processed $25 billion in B2B cross-border payments in 2016, helping more than 13,000 business clients make international payments to suppliers and employees. Cambridge’s proprietary technology serves the needs of SMB and mid-cap businesses, enabling its clients the flexibility of making wire, EFT, draft and check payments in over 140 currencies. Cambridge’s headquarters will remain in Toronto, Canada.
The acquisition of Cambridge provides FLEETCOR with entry into the $145 billion B2B cross-border payments market. The addition of Cambridge’s global corporate payments capabilities will enable FLEETCOR to pay both domestic and international AP payments for the same client, a significant differentiator in the commercial marketplace.