PEACHTREE CORNERS, Ga.--(BUSINESS WIRE)--May 3, 2018--
FLEETCOR Technologies,
Inc. (NYSE:FLT), a leading global provider of commercial payment
solutions, announced today it has made a strategic minority investment
in P97 Networks, Inc., a leader of cloud-based mobile commerce and
behavioral marketing solutions. P97 is an innovator in the petroleum
industry, and its solution enables the acceptance of mobile payments at
the pump and in stores by utilizing existing POS and cash register
systems without requiring retrofitting.
In addition to the investment, FLEETCOR has signed a commercial
agreement to use P97’s technology for FLEETCOR’s U.S. fuel card
programs. The partnership is intended to drive the adoption of mobile
payments among FLEETCOR’s existing customers, cardholders and oil
company partners through delivery of a modern, robust, app-based
customer experience. Together the companies will deploy mobile payment
applications, as well as explore the use of existing P97 functionality
such as the authorization of in-store purchases and delivery of
personalized offers directly to drivers through an app.
“We believe this investment and strategic partnership is an exciting way
to ramp up mobile usage in our fuel card category and secure our place
as a leader in the mobile fuel card payment space,” said Ron Clarke,
FLEETCOR Chairman and CEO. “We look forward to working closely with P97
to further our common goal of driving payments innovation within the
petroleum industry.”
“We are thrilled to have FLEETCOR on board as a strategic partner as we
continue our charter to advance mobile commerce for convenience store
operators, marketers, and oil companies,” said P97 Founder and CEO Don
Frieden. “We look forward to collaborating with the FLEETCOR team to
provide new mobile experiences for their customers and drivers, while
exploring the transformative potential of mobile payments across the
petroleum industry.”
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 general payables. With its proprietary payment
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 http://www.fleetcor.com/.
About P97
P97
Networks provides secure cloud based mobile commerce and digital
marketing solutions for the convenience retail and fuels marketing
industry under the brand name PetroZone®. P97’s mCommerce solutions
enhance the ability of convenience store operators, marketers, and oil
companies to attract and retain customers by providing technology that
securely connects millions of individual mobile phones and connected
cars with identity and geo-location based software technology to create
truly unique connected-consumer experiences. P97’s software personalizes
the “find-buy-save” experience for every mobile consumer. For more
information follow us on Twitter @p97networks or
visit www.p97.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180503006653/en/
Source: FLEETCOR Technologies, Inc.
FLEETCOR Technologies, Inc.
Investor Relations
Jim
Eglseder, 770-729-2017
investor@fleetcor.com
or
Media
Relations
press@fleetcor.com
