FLEETCOR Buys AP Platform Provider Roger

Business payments firm FLEETCOR Technologies has acquired accounts payable (AP) platform provider Roger, Fleetcor announced in a press release. Terms of the transaction were not disclosed.

The release stated, in part: “The acquisition provides FLEETCOR with a proven, modern automation platform for B2B online bill payment. The platform helps [small- to medium-sized businesses (SMBs)] gather and scan invoices and receipts, eliminate manual data entry using machine learning technology, approve and execute payments, set up automated workflows, and sync to accounting systems like QuickBooks Online, Sage Intacct, Xero, and others in real time. In addition to small businesses, accounting firms in North America and Europe use, refer, and resell the platform today in connection with their customers.”

FLEETCOR is based in Atlanta. Roger was founded by two Danes and has offices in Copenhagen and San Francisco.

Ron Clarke, chairman and CEO of FLEETCOR, said in the release: “This acquisition provides us with a modern, cloud-based bill payment platform that will immediately open up cross-sell opportunities into our global SMB fuel card base. It’s a big step in expanding our fuel card business into a corporate payments business, and extending our current middle market corporate payments business into the SMB space.”

The purchase is consistent with plans Clarke outlined in November during the publicly traded company’s third quarter earnings call.

“We’re back pretty aggressively on the acquisitions front,” Clarke said, PYMNTS reported at the time. “…we are chasing a couple of new deals around our corporate payments space.”

Just before the earnings release, Clarke reportedly said the company was prepared to spend up to $1 billion on acquisitions.

For the three months ended Sept. 30, FLEETCOR reported $188.8 million in net income, or adjusted net income of $2.80 per share, on revenue of $585 million. The company reported current assets as of Sept. 30 of $4 billion.