Corporate payments firm Fleetcor Technologies has acquired an accounts payable (AP) automation software company Accrualify.
The deal, whose financial terms were not disclosed, strengthens FleetCor’s suite of payments solutions and enhances its corporate payments platform capabilities.
The acquired entity enables companies to automate the complete procure-to-pay (P2P) process, starting from purchase request to payment.
Its cloud-based software platform is designed to offer middle market firms procurement and invoice process automation as well as payments execution.
It also facilitates automation of vendor management, and budgeting.
Commenting on the deal, FleetCor CEO and chairman Ron Clarke said: “The Accrualify acquisition provides workflow and process automation software that AP departments are looking for, and rounds out our ‘process to execution’ AP payment solution set.
“We expect this capability to increase demand and revenue per client for our corporate payments product line.”
Alston & Bird provided legal counsel to FleetCor on the deal.
FleetCor helps businesses to cut their spending by providing them with solutions that facilitate and control expense-related purchasing and payment processes.
The FleetCor portfolio of brands is said to automate, secure, digitise and manage payment transactions for businesses across more than 100 countries in, Europe, North America, Latin America and the Asia Pacific.
In June this year, the firm signed a deal to acquire London-based cross-border payments company Global Reach Group.
In 2020, Fleetcor struck a deal to buy Associated Foreign Exchange, another London-based cross-border payment solutions provider.
The acquisition was part of the firm’s strategy to build upon its corporate payments line of business and fortify its position as one of the largest business payments companies in the world.