FleetCor Technologies, a global provider of specialized payment products and services to businesses, announced that it has acquired a prepaid fuel card company in Mexico. With this acquisition, FleetCor will be providing fuel and food card/voucher services to businesses and governmental entities in Mexico.
The Mexican fuel card market is large, underpenetrated, and allows full tax deductions for companies with the submission of electronic fuel card invoices.
The acquired company serves over 10,000 businesses with over 800,000 cardholders and beneficiaries. Purchases are predominately pre-paid, and revenues are earned both from customers and merchants.
Ron Clarke, FleetCor’s Chairman and Chief Executive Officer commented, “We are delighted to announce this acquisition. This deal is consistent with our strategy to build a position in ’emerging payment markets,’ and establishes a beachhead in Latin America from which we expect to expand. We fully expect that this deal will be accretive to earnings.”
Terms of the transaction were not disclosed.
FleetCor, The Global Fleet Card Company, is a global provider of specialized payment products and services to businesses. FleetCor’s payment programs enable businesses to better manage and control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. FleetCor serves businesses in 20 countries in North America, Europe, Africa and Asia. For more information, please visit www.fleetcor.com.