FLEETCOR, a worldwide corporate payments firm, announced the acquisition of Accrualify, an accounts payable (AP) automation software startup.
According to the press release, this will benefit FLEETCOR’s payment solution portfolio and expand its corporate payments platform capabilities.
Accrualify automates organizations’ procure-to-pay operations, and the cloud-based platform provides midmarket companies with end-to-end procurement, invoicing process automation, and payments execution.
“The Accrualify purchase delivers the workflow and process automation software that AP departments require, and it completes our ‘process to execution’ AP payment solution set,” stated Ron Clarke, chairman, and CEO of FLEETCOR. “We anticipate that this feature will boost demand for and revenue per customer for our corporate payments product line.”
FLEETCOR has made additional recent purchases, including the purchase of aviation software startup Levarti in March. The solutions provided by Levarti aid in the automation of passenger alerts, flight rebookings, hotel accommodations, transfers, and vouchers.
Levarti launched its MAX software package in 2014, and numerous airlines have used it to automate operations and communications. Its MAX app offers “end-to-end” digital experiences in areas like check-in, in-flight services, and baggage claim.
“We now have a complementary product to further automate and streamline passenger interruption events for our airline clients as a result of this purchase.” “We anticipate that our combined offering will be very appealing to airlines and will result in increased sales in our lodging airline market,” Clarke said at the time.
In addition, FLEETCOR agreed to buy Global Reach Group, a cross-border payment service based in the United Kingdom, in June.
The acquisition was intended to provide FLEETCOR with additional ammunition for its cross-border payments capability since Global Reach’s services aid in the facilitation of international payments.
Clarke stated that this would benefit its current cross-border business and that further synergies in this field were anticipated to be added at a later date. The acquisition of Global Reach is scheduled to be completed by the end of the year.
