Expands Corporate Payments Business into Adjacent
Cross-Border Payments Market
TORONTO, Aug. 9, 2017 /CNW/ - FLEETCOR Technologies, Inc.
(NYSE: FLT), a leading global provider of commercial payment
solutions, has closed its acquisition of Cambridge Global Payments
("Cambridge"), a leading B2B international payments provider, for
approximately $690 million. The
purchase agreement was previously announced on May 1, 2017.
Cambridge, founded in 1992,
processed $25 billion in B2B
cross-border payments in 2016, helping more than 13,000 business
clients make international payments to suppliers and
employees. Cambridge's
proprietary technology serves the needs of SMB and mid-cap
businesses, enabling its clients the flexibility of making wire,
EFT, draft and check payments in over 140 currencies.
Cambridge's headquarters will
remain in Toronto,
Canada.
The acquisition of Cambridge
provides FLEETCOR with entry into the $145
billion B2B cross-border payments market. The addition of
Cambridge's global corporate
payments capabilities will enable FLEETCOR to pay both domestic and
international AP payments for the same client, a significant
differentiator in the commercial marketplace.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Statements that are not
historical facts, including statements about FLEETCOR's beliefs,
expectations and future performance, are forward-looking
statements. Forward-looking statements can be identified by the use
of words such as "anticipate," "intend," "believe," "estimate,"
"plan," "seek," "project," "expect," "may," "will," "would,"
"could" or "should," the negative of these terms or other
comparable terminology. Examples of forward-looking statements in
this press release include statements relating to the acquisition's
accretiveness to earnings, operating synergies, its impact on
future opportunities and long-term growth in domestic,
international, and cross-border payments. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results to differ materially from those
contained in any forward-looking statement, such as failure to
complete, or delays in completing, anticipated new partnership
arrangements or acquisitions; failure to successfully integrate or
otherwise achieve anticipated benefits from this acquisition or
other partnerships or acquired businesses; the impact of foreign
exchange rates on acquisition prices, operations, revenue and
income; changes in credit risk of customers and associated losses;
the actions of regulators relating to domestic or international
payments or resulting from investigations; failure to maintain or
renew key business relationships; failure to maintain competitive
offerings; failure to maintain or renew sources of financing; the
effects of general economic conditions on domestic or international
payments, as well as the other risks and uncertainties identified
under the caption "Risk Factors" in FLEETCOR's Annual Report on
Form 10-K for the year ended December 31,
2016, filed with the Securities and Exchange Commission on
March 1, 2017, and in FLEETCOR's
Quarterly Report on Form 10-Q for the quarterly period ended
June 30, 2017, filed with the
Securities and Exchange Commission on August
8, 2017. FLEETCOR believes these forward-looking statements
are reasonable; however, forward-looking statements are not a
guarantee of performance, and undue reliance should not be placed
on such statements. The forward-looking statements included in this
press release are made only as of the date hereof, and FLEETCOR
does not undertake, and specifically disclaims, any obligation to
update any such statements or to publicly announce the results of
any revisions to any of such statements to reflect future events or
developments.
About FLEETCOR
FLEETCOR Technologies (NYSE: FLT) is a leading global provider
of commercial payment solutions. The company helps businesses of
all sizes better control, simplify and secure payment of their
fuel, toll, lodging and other general payables. With its
proprietary payment acceptance networks, FLEETCOR provides
affiliated merchants with incremental sales and
loyalty. FLEETCOR serves businesses, partners and merchants in
North America, Latin America, Europe, and Australasia. For more information,
please visit www.FLEETCOR.com.
About Cambridge Global Payments
Cambridge Global Payments is a leading provider of integrated
B2B cross-border payment services. As a trusted partner for close
to 25 years, Cambridge delivers
innovative solutions designed to address the unique international
payment needs of businesses. Cambridge's award-winning capabilities and
industry-leading technologies simplify the way businesses connect
with the global marketplace. As one of the largest bank-independent
providers globally, Cambridge is
flexible and responsive, with offices across North America, Europe, and Australia. For more
information, please visit www.cambridgefx.com.
SOURCE FleetCor Technologies, Inc.