Payment processor Wright Express has
acquired UK-based CorporatePay for about USD27.5m.
CorporatePay is a corporate prepaid solutions
provider that specifically markets to the travel industry. Its
portfolio includes virtual cards, currency cards and expense
management solutions
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The acquisition means a broader range of
products and a rapid expansion into the European market for Wright
Express.
“First, it accelerates our on the ground
presence within the UK and Europe, markets in which we see
significant opportunities. Second, it supplements our existing
product offering to now include prepaid single use accounts, or
virtual cards,” said Michael Dubyak, chairman and CEO of Wright
Express.
Dubyak added:
“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.”
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