Richmond fintech Paymerang LLC is being sold to global payments company Corpay Inc. for $475 million.
McLean growth equity firm Aldrich Capital Partners is parting ways with Paymerang, a provider of automation solutions for accounts payable tasks. ACP purchased Paymerang in 2018 to help it grow, investing $26 million into its operations.
The deal is expected to close in the second quarter of 2024.
Mirza Baig, managing partner of ACP, said in a statement that Paymerang would continue to be based in Richmond when it comes under Corpay’s ownership. The company also has a presence in Big Stone Gap, Virginia.
Nasser Chanda, CEO of Paymerang, said in a statement that ACP helped his company refine its go-to-market strategies and scale its sales models, pushing it to 1,200% growth since 2017. The company was founded in 2010.
“Now, by joining Corpay, we are set to broaden our offerings to include cross-border payments and commercial card solutions, marking an exciting new chapter for our team,” Chanda said. “This transition is a major win for our customers, partners, and the Richmond business community."
The deal gives Atlanta-based Corpay more access in education, health care, hospitality and manufacturing industries. It adds more than 250,000 merchants to Corpay’s network of more than 1 million vendors. The combined businesses will process $120 billion in annual spend, according to Corpay. Paymerang said it had about 230 employees as of April 2023.
“This acquisition is right in our wheelhouse and exactly the kind of transaction we find most attractive,” Corpay Chairman and CEO Ron Clarke said in a statement. “It’s a business growing over 20%, within corporate payments, where we can accelerate growth and profitability.”
