Wright Express announced today that the company has acquired the stock of CorporatePay for approximately $27.5 million net of cash. Headquartered in London, CorporatePay provides private label and cobrannded prepaid solutions for the travel industry. The company’s products include tour cards, currency cards, crew cards, and travel booking cards. Founded in 2008, CorporatePay reported total card load volume of 248 million pounds (US$399 million or 309 million euros) in 2011.
“With the European marketplace embracing virtual cards, the combination of debit and credit payment solutions enhances our competitive position in key segments of the travel industry and increases the size of our addressable market in terms of customer and geography. Furthermore, the addition of multi-currency prepaid cards provides cross-selling opportunities to our global network of travel customers,” said Michael Dubyak, Wright Express CEO.
The acquisition is consistent with Wright Express’s committment to leverage payroll cards as a way to grow the company’s “Other Payment Solutions” business segment, and supports the company’s efforts to diversify away from the North American fuel market.
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