FLEETCOR® Completes AFEX Cross-Border Acquisition
Raises Full Year 2021 Adjusted EPS Guidance
AFEX delivers global cross-border payment solutions that help small- and medium-sized businesses (SMBs) break down currency barriers to facilitate international growth. AFEX joins FLEETCOR’s cross-border payments counterpart, Cambridge Global Payments, in its corporate payments portfolio. Combined, AFEX and Cambridge process cross-border payments in more than 145 currencies for approximately 30,000 customers processing more than
“With the combination of AFEX and our current cross-border business, we expect the enhanced scale and breadth to accelerate revenue growth in our corporate payments business. The complementary geographic nature of the customer bases provides an immediate boost to our business, and this year, we anticipate the acquisition will be accretive to 2021 adjusted EPS, as we execute our integration plan,” said
“We are raising our full year 2021 adjusted EPS guidance range to
“FLEETCOR is uniquely positioned in the corporate payments landscape. First, we have an unmatched global presence with corporate payments operations in 12 countries on three continents. Second, we have one of the broadest corporate payments product lines in the market featuring AP automation, SMB online bill pay, cross-border payments, virtual cards, currency risk management, expense management and mobile purchasing solutions,” said
Eversheds Sutherland provided legal counsel to
AFEX is a trusted global payment and risk management solutions specialist with a heritage that dates back to 1979. We offer a comprehensive range of global payment, foreign exchange, and risk management services. We can handle every aspect of a client’s foreign payment needs, from risk consultation to transaction execution, and have a diverse client base. We recognize the distinct requirements of each of our clients and take considerable pride in creating unique and strategically adept global payment and foreign exchange solutions to meet our clients’ financial goals. For more information, please visit www.afex.com.