The all cash transaction will affect the firm’s adjusted net income (which is a non-GAAP measure) in the first year of integrated business operations and a little accretive thereafter, said the firm.
Commenting on the recent acquisition of UK firm, Wright Express chairman and chief executive officer Michael Dubyak said that CorporatePay’s rapidly expanding product offering of business-to-business prepaid solutions, strong management team and solid base of operations is a natural fit with Wright Express.
"First, it accelerates our on the ground presence within the U.K. and Europe, markets in which we see significant opportunities. Second, it supplements our existing product offering to now include prepaid single use accounts, or virtual cards," added Dubyak.
"With the European marketplace embracing virtual cards, the combination of debit and credit payment solutions enhances our competitive position in key segments of the travel industry and increases the size of our addressable market in terms of customer and geography."
CorporatePay provides Prepaid Card Management Platform to instructions and conglomerates to manage their payment process.
