South Portland-based Wright Express Corp. has acquired CorporatePay, a London-based corporate prepaid card company that serves the travel industry, for $27.5 million. The company announced today it acquired the stock of CorporatePay in an all-cash transaction, according to a press release.
Wright Express provides fleet vehicle, prepaid and corporate payment processing and information management services. Founded in 2008, CorporatePay offers physical and digital payment cards and expense management services to businesses in the travel industry, and is the largest privately held provider of prepaid cards for that industry in the U.K., according to the release. Last year, it had a load volume of £248 million, or about $400 million.
Michael Dubyak, chairman and CEO of Wright Express, said the acquisition expands the company's growth in the U.K. and Europe, complements existing product offerings and allows it to offer multi-currency prepaid cards.