Fleetcor Technologies, a global business payments company, has announced it has signed a definitive agreement to acquire Associated Foreign Exchange (AFEX), a London-based cross-border payment solutions provider.

By acquiring AFEX, Fleetcor will build upon its corporate payments line of business and strengthen its position as one of the largest business payments companies in the world.

The transaction is expected to close in the first quarter of 2021, subject to regulatory approval and standard closing conditions.

AFEX delivers cross border payment solutions that help small- and medium-sized businesses (SMBs) break down currency barriers to grow internationally.

Processing global payments in more than 100 currencies

The company focuses on providing international accounts payables products for businesses typically underserved by banks.

With more than 35,000 customers and over $22 billion in annual volume, AFEX is one of the world’s largest non-bank cross-border payment solution providers, processing global payments in more than 100 currencies.

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“AFEX is a terrific business, with revenues growing double digits over the last 3 years. Its large European and Asia Pacific client base complements our existing Cambridge cross-border business, which is more North America focused,” said Ron Clarke, Chairman and CEO of Fleetcor.

Offering integrated solutions

Both companies offer ERP integrated cross border payment and risk management solutions to businesses.

ERP (Enterprise resource planning) refers to a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, risk management and compliance, and supply chain operations.

“Fleetcor’s broad corporate payments portfolio and S&P 500 profile will help us better serve clients in creating unique solutions for their FX needs,” said Jan Vlietstra, CEO of AFEX.

Eversheds Sutherland provided legal counsel to Fleetcor. Greenberg Traurig provided legal counsel to AFEX, and BofA Securities provided strategic and financial advice to AFEX.