Fleetcor to acquire cross-border paytech Global Reach
Fleetcor Technologies, a global business payments company, has signed a definitive agreement to acquire Global Reach, a UK-based cross-border payments provider.
The acquisition, says Fleetcor, “strengthens its position as one of the largest non-bank global cross-border providers in the world”.
The transaction is expected to close in Q4 2022, subject to regulatory approval and standard closing conditions.
Founded in 2001, London-based Global Reach has developed a presence in the UK, Canada, Spain and the Netherlands. It claims “thousands” of corporate clients primarily in the UK and Canada, providing an overlapping footprint to Fleetcor’s current cross-border payments business.
Fleetcor’s main focus is on corporate payments – it provides solutions that enable and control expense-related purchasing and payment processes.
The brands sitting within its portfolio automate, secure, digitise and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe and Asia Pacific.
Fleetcor was founded in 2000. Its HQ is in Atlanta, Georgia. The company has 9,000+ employees and processes 1.6 billion transactions annually. In 2021, it recorded revenues of $2.8 billion and net income of $1.1 billion.