Expands Corporate Payments Business into Adjacent Cross-Border
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.
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170809005811/en/
Source: FLEETCOR Technologies, Inc.
FLEETCOR Technologies, Inc.
Gwen McGuire, 416-948-6500