May 6 (Reuters) - Business payments firm Corpay ( CPAY )

reported a 7% increase in its first-quarter adjusted profit on

Tuesday, driven by growth in its corporate payments segments.

Resilient U.S. business and consumer spending, supported by

a strong labor market and rising wages, has enabled the

front-loading of purchases ahead of the imposition of import

duties.

Atlanta, Georgia-based Corpay ( CPAY ) helps businesses and consumers

better manage their expenses through its payment and spend

management solutions.

The company's corporate payments business, which automates

and manages vendor payments, saw its revenue reach $352.7

million, a 33% increase from the previous year, driven by higher

client spending volumes across all regions.

On an adjusted basis, Corpay ( CPAY ) reported a profit of $322.9

million, or $4.51 per share, for the quarter ended March 31,

compared to $301.3 million, or $4.10 per share, during the same

period last year.

In a separate announcement, Corpay ( CPAY ) said it is partnering

with global alternative asset manager TPG in a deal to

buy payments solution firm AvidXchange Holdings ( AVDX ) for

$2.2 billion.

As part of the agreement, Corpay ( CPAY ) will invest about $500

million for a 33% equity stake in AvidXchange Holdings ( AVDX ).