FleetCor Enters Mexican Fuel Card Market
ATLANTA, Sep 19, 2011 (BUSINESS WIRE) --
FleetCor Technologies, Inc. (NYSE: FLT), a global provider of specialized payment products and services to businesses, today 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.
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 and confidence in prospects for expansion and expectations regarding accretion to earnings. 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.
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.
SOURCE: FleetCor Technologies, Inc.