Fleetcor Technologies, a US-based provider of commercial payment solutions, has completed the acquisition of Cambridge Global Payments, a B2B international payments provider, for approximately $690m.
The deal will allow Fleetcor to enter into the $145b business-to-business cross-border payments market. It will enable the firm to pay both domestic and international AP payments for the same client.
Established in 1992, Cambridge Global Payments processed $25b in B2B cross-border payments in 2016 which helps 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 in a statement.