Fleetcor Technologies Inc said March 5 that it agreed to buy Nvoicepay Inc. Financial terms weren’t announced. Nvoicepay, of Beaverton, Oregon, provides cloud software that automates payments for suppliers. Buyouts reported in October that Nvoicepay was seeking another round of funding. Nvoicepay investors include Napier Park Financial Partners, Mosaik Partners, Silicon Valley Bank and Women’s Venture Capital Fund, the story said. Alston & Bird provided legal counsel to Fleetcor. Update: Jon Steele and Paul Fricilone of Raymond James provided financial advice while Cooley LLP supplied legal counsel to Nvoicepay.
FLEETCOR to Acquire Nvoicepay, a Leader in
Full AP Automation Software
Expands Corporate Payments Business with Full Disbursement Accounts Payable Cloud Platform
PEACHTREE CORNERS, GA – March 5, 2019 – FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global provider of commercial payment solutions, today announced that it has signed a definitive agreement to acquire Nvoicepay, Inc., a leader in full AP automation for businesses.
Nvoicepay delivers automated accounts payable solutions to over 400 business clients, providing a simple UI that allows customers to electronically pay all of their suppliers. The full disbursement capabilities of Nvoicepay along with FLEETCOR’s existing card processing solutions, enables businesses to pay their entire accounts payable expenses, including both domestic and international payables.
“The addition of Nvoicepay to the FLEETCOR Corporate Payments portfolio enables us to manage full disbursement of accounts payables for businesses,” commented Kurt Adams, Group President, Corporate Payments, FLEETCOR. “Combined with our industry-leading virtual card and corporate card solutions, we believe FLEETCOR Corporate Payments is now the best choice for businesses looking to modernize their AP processes.”
“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, Chairman and Chief Executive Officer of FLEETCOR. “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.”
“Nvoicepay’s business-to-business payment platform allows our customers to pay 100% of their supplier invoices electronically and we are excited to bring this solution into the broader FLEETCOR family,” commented Karla Friede, Chief Executive Officer and Co-Founder, Nvoicepay. “We look forward to taking advantage of FLEETCOR’s strengths to continue driving further innovation in B2B payments.”
Alston & Bird provided legal counsel to FLEETCOR. Raymond James acted as financial advisor and Cooley LLP provided legal counsel to Nvoicepay.
FLEETCOR Technologies (NYSE: FLT) is a leading global provider of commercial payment solutions. The Company helps businesses of all sizes better control, simplify and secure payment of their fuel, toll, lodging and general payables. With its proprietary payment networks, FLEETCOR provides affiliated merchants with incremental sales and loyalty. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Australasia. For more information, please visit http://www.fleetcor.com/.
Nvoicepay transforms the way enterprises pay their domestic and international suppliers. For over 400 customers across more than 3,000 entities, the company optimizes electronic invoice payments for enterprises with intuitive cloud-based software and comprehensive services. Only Nvoicepay offers an intelligence-driven payment automation solution purpose-built for the most complex organizations. By automating all payments, finance teams win through dynamic supplier activation, superior supplier services, and remarkable results, unlocking value in the payments process. Learn more athttps://www.nvoicepay.com and on Twitter at @Nvoicepay.