Fleet card payment provider FleetCor Technologies, Inc. has acquired Nvoicepay, Inc., a leader in full AP automation software, FleetCor has announced.
FleetCor, which is based in Peachtree Corners, Ga., acquired the Oregon-based Nvoicepay for cash, but declined to disclose the amount. Nvoicepay's business-to-business payment platform allows our customers to pay their supplier invoices electronically.
"Nvoicepay presents an exciting opportunity to accelerate growth of our corporate payments business by offering customers a simple way to pay all their accounts payable with one vendor," said Ron Clarke, FleetCor's chairman and CEO. "Through the combination of Comdata, Cambridge, and soon Nvoicepay, we believe FleetCor will offer one of the most comprehensive domestic and international AP payments solutions available to businesses."
The acquisition should help FleetCor expand in the rapidly growing business-to-business payments space. Commercial fleet spend among the overall commercial credit card market of $540 billion reached $80 billion in 2017, according to Mercator Advisory Group. Goldman Sachs sees B2B payments as a $950 billion opportunity, reports Investors Business Daily.
Alston & Bird provided legal counsel to FleetCor. Raymond James acted as financial advisor, and Cooley LLP provided legal counsel to Nvoicepay.