GPS + Corpay Announcement

June 19, 2024

Today, I’m excited to announce that GPS Capital Markets has entered into an agreement in which Corpay, Inc. (NYSE: CPAY), a prominent global provider of employee expense management and corporate payments solutions, will purchase 100% of GPS Capital. As part of this agreement, GPS will become part of Corpay Cross-Border, which offers currency risk management and hedging solutions, foreign exchange, and international payment automation.

GPS is truly a global fintech success story. Established in 2002, GPS has evolved into one of the top providers of corporate foreign exchange services, helping companies manage their foreign currency risk and conduct foreign currency transactions. Our world-class business owes its success to our dedicated and innovative employees, our strong commitment to providing exceptional client service, and the unwavering support of our clients.

This partnership enhances our ability to invest in technology, expand payment delivery channels, and increase our geographic presence. With Corpay’s strong balance sheet and liquidity we will be able to offer greater credit flexibility and expand our local banking partnerships. With the financial backing of a large, New York Stock Exchange-listed company we will only improve and build upon the innovative solutions, award-winning technology, and outstanding service that you know us for.

The acquisition will not affect our day-to-day operations in the near term, and the account executives who currently service and manage your accounts will remain the same.

The transaction is tentatively expected to close at year-end and is subject to customary legal and regulatory approvals. The following FAQ addresses commonly asked questions regarding this announcement. For further questions or concerns, please do not hesitate to contact your GPS Representative.

You can read the Corpay press release here.

Best regards,

Brandon Parke
President & CEO

Client Frequently Asked Questions

What has happened?

After a long and careful review process, GPS Capital Markets has entered into an agreement in which Corpay, Inc. (NYSE: CPAY) will purchase 100% of GPS Capital Markets with the long-term goal of integrating it into Corpay Cross-Border, enhancing their existing cross-border payments and currency risk management business.

Who is Corpay?

Corpay, Inc. is a NYSE listed, S&P 500 and Fortune 1000 firm based in Atlanta, Georgia that focuses on providing spend management solutions with respect to employee expense management products (tolls, fuel, fleet and workforce lodging solutions) and corporate payments.

Corpay Cross-Border, a division of Corpay’s Corporate Payments division, offers currency risk management and hedging solutions, foreign exchange, and international payment automation.

What is happening to the GPS Capital Market brand?

We will continue to operate under the GPS Capital Markets brand until after close, which is tentatively expected to occur at year-end and is subject to customary legal and regulatory approvals. Over time, we will transition to the Corpay Cross-Border brand through a phased approach.

Will my current GPS account records be moved over to Corpay Cross-Border?

Records will not be moved until the end of the year, at which point we will begin migrating active GPS clients’ account data to the Corpay Cross-Border Solutions trading platform in a phased process. While this involves some changes to interfaces and functionality, it is designed to minimize disruption to you.

Over the course of the next few months, we will share detailed information about the migration plan and continue to update you on the new and enhanced features and services available to you.

Will my account executive remain the same once GPS is rebranded as Corpay Cross-Border?

Yes, your account executive will remain the same to ensure no disruption in services and a smooth transition to Corpay Cross-Border.

What benefits will clients gain from this acquisition?

As GPS integrates into Corpay Cross-Border, you will have access to additional resources, including more extensive payment rails and tools for global payments and risk management.

We are launching innovative products and features and investing in new technologies to maintain our excellent service. The alignment of Corpay and GPS resources, banking relationships, and a unified trading platform will increase the efficiency and scope of our services. This will enable us to scale and expand our offerings, continuing to lead in the dynamic global payments’ environment.

Best of all, you will still receive the same attentive and personalized service you expect from GPS. We are committed to strategic support and client care: we will just be delivering it under a new brand name.

Who do I reach out to with additional questions?

Should you have further questions, please contact your dedicated account executive, the client experience team, or the general GPS phone number.