Expands Corporate Payments Business into Adjacent Cross-Border Payments Market
NORCROSS, Ga.--(BUSINESS WIRE)--Aug. 9, 2017-- 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.
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Source: FLEETCOR Technologies, Inc.
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