FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global provider of commercial payment solutions, has completed previously announced acquisition of Cambridge Global Payments for approximately US $690 million.
Founded in 1992 by Bernard Heitner and Jacques Feldman, Cambridge processed $25 billion in B2B cross-border payments in 2016, helping more than 13,000 business clients make international payments to suppliers and employees. Cambridge’s proprietary technology serves the needs of SMB and mid-cap businesses, enabling its clients the flexibility of making wire, EFT, draft and check payments in over 140 currencies.
Cambridge’s headquarters will remain in Toronto, Canada.
FLEETCOR said the acquisition of Cambridge provides itself with entry into the $145 billion B2B cross-border payments market. The addition of Cambridge’s global corporate payments capabilities will enable FLEETCOR to pay both domestic and international AP payments for the same client, a significant differentiator in the commercial marketplace.
photo credit: Cambridge Global Payments