ATLANTA--(BUSINESS WIRE)--Mar. 14, 2013--
FleetCor Technologies, Inc. (NYSE: FLT), a leading global provider of
fuel cards and workforce payment products to businesses, announced today
that it has signed definitive documents to acquire a mobile business,
that tracks the location of mobile workers in field based businesses.
The agreement includes the acquisition of Telenav’s (NASDAQ: TNAV)
enterprise business. Telenav, a leader in personalized navigation, is
based in Sunnyvale, Calif.
The enterprise division being acquired has approximately 8,000 business
clients, and a marketing relationship with AT&T, Sprint and Verizon. The
division’s flagship product line is a set of mobile handset applications
(compatible with both Apple and Android) that provide mobile workforces
with tracking and other productivity tools.
“This transaction will provide us with a set of mobile applications and
capabilities designed specifically for a business workforce that is
predominantly field based, exactly the same profile as our fuel card
clients. We hope to tailor the Telenav application to become a valued
add on to our fuel card programs the world over,” said Ron Clarke,
Chairman and Chief Executive Officer of FleetCor.
Terms of the transaction were not disclosed.
FleetCor is a leading global provider of fuel cards and workforce
payment programs to businesses. FleetCor’s payment programs enable
businesses to better control employee spending and provide
card-accepting merchants with a high volume customer base that can
increase their sales and customer loyalty. FleetCor serves commercial
accounts in North America, Latin America, and Europe. For more
information, please visit www.fleetcor.com.
This press release contains forward-looking statements within the
meaning of the federal securities laws. Some of these statements include
those regarding the acquisition, benefits of the transaction, provision
technical capabilities and add-on services, and any other statements
about management’s future expectations, beliefs, goals, plans or
prospects. 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" or "expect," "may,"
"will," "would," "could" or "should," the negative of these terms or
other comparable terminology. There are a number of important factors
that could cause actual results or events to differ materially from
those indicated by such forward-looking statements, including
difficulties integrating the acquisition or a failure to attain
anticipated operating results, which could affect the accretiveness of
the acquisition, and the other factors described in FleetCor’s periodic
reports filed with the Securities and Exchange Commission. FleetCor
undertakes no obligation to update forward looking statements to reflect
changed assumptions, the occurrence of unanticipated events, or changes
in future operating results, financial condition or business over time.
Readers are further advised to review the “Risk Factors” set forth in
FleetCor’s Annual Report on Form 10-K, which further details and
supplements the factors described in this paragraph.
Source: FleetCor Technologies, Inc.
Investor Relations, 770-729-2017