ATLANTA--(BUSINESS WIRE)--Mar. 12, 2012-- FleetCor Technologies, Inc. (NYSE: FLT), a global provider of fuel cards and specialized payment services to businesses, today announced that it has signed definitive agreements to acquire the Mexican assets of NovoPayment’s subsidiaries Tebca and Servitebca. With this acquisition, FleetCor will increase the size of its fuel and food card client portfolios in Mexico.
Headquartered in Miami, Florida, NovoPayment is a leading provider of prepaid card programs in Latin America, with operations in Venezuela, Peru, Colombia, and Mexico. Operating locally as Tebca and Servitebca, the company has been serving clients in Mexico since 2009.
Anabel Perez, NovoPayment’s president and chief executive officer remarked, “While we believe the Mexican prepaid card market has tremendous potential, we have made the strategic decision to focus NovoPayment’s efforts on our service provider business. We are very pleased to be working with FleetCor on this transaction, and believe that Tebca and Servitebca’s Mexican clients and employees will find a great organization with FleetCor.”
Ron Clarke, FleetCor’s chairman and chief executive officer commented, “We are delighted to announce this deal with NovoPayment, as we continue to execute on our strategy to expand our position in ’emerging’ payment markets.”
Terms of the transaction were not disclosed, and the strategic acquisition will not have a material impact on FleetCor’s financial results.
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" or "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 management's plans for expansion. 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 delays or failures associated with acquisitions and the failure to successfully integrate or otherwise achieve anticipated benefits from such acquired businesses; failure to successfully expand business internationally; the impact of foreign exchange rates on operations, revenue and income; the effects of general economic conditions on commercial activity, 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, 2010, filed with the Securities and Exchange Commission on March 25, 2011. 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, The Global Fleet Card Company, is a global provider of fuel cards and specialized payment services 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, with operations in North America, Latin America and Europe, serves commercial accounts across the globe. For more information, please visit www.fleetcor.com.
About NovoPayment
NovoPayment is a leading prepaid card service provider and program manager in Latin America. Founded in 2004 and headquartered in Miami, Florida, the company develops and operates comprehensive turnkey programs through its local, in-region subsidiaries, partnering with banks, mobile phone operators, utilities, government agencies and entities, retail chains, micro-financing institutions, and consumer goods and services companies. All programs are backed by widely accepted brands like MasterCard®, Maestro®, Visa® and Visa Electron®. For more information, please visit www.novopayment.com.
Source: FleetCor Technologies, Inc.
FleetCor
Investor Relations
investor@fleetcor.com
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