Business Payments Company Fleetcor Technologies has acquired an accounts payable (AP) automation software company Accrualify.
The agreement, the financial terms of which were not disclosed, strengthens FleetCor’s suite of payment solutions and enhances the capabilities of its enterprise payment platform.
The acquired entity enables companies to automate the entire Procure-to-Pay (P2P) process, from purchase request to payment.
Its cloud-based software platform is designed to offer middle-market businesses automation of procurement and invoicing processes as well as payment execution.
It also facilitates the automation of supplier management and budgeting.
Commenting on the agreement, CEO and President of FleetCor, Ron Clarke, said, “The acquisition of Accrualify provides workflow and process automation software that AP departments seek and complements our set of solutions for “process-to-execution” AP payment.
“We expect this capability to increase demand and revenue per customer for our business payment product line.”
Alston & Bird provided legal advice to FleetCor on the agreement.
FleetCor helps businesses reduce expenses by providing solutions that facilitate and control expense-related purchasing and payment processes.
The FleetCor portfolio of brands is expected to automate, secure, digitize and manage payment transactions for businesses in over 100 countries across Europe, North America, Latin America and Asia-Pacific.
In June this year, the company signed an agreement to acquire London-based cross-border payments company Global Reach Group.
In 2020, Fleetcor entered into an agreement to purchase Associated Foreign Exchange, another London-based cross-border payment solutions provider.
The acquisition was part of the company’s strategy to build on its corporate payments business line and strengthen its position as one of the largest corporate payments companies in the world. .
