FleetCor Technologies, Inc. (NYSE: FLT), a global provider of fuel cards and specialized payment services to businesses, today announced that it has signed definitive agreements to acquire the Mexican assets of NovoPayment’s subsidiaries Tebca and Servitebca. With this acquisition, FleetCor will increase the size of its fuel and food card client portfolios in Mexico.
Headquartered in Miami, Florida, NovoPayment is a leading provider of prepaid card programs in Latin America, with operations in Venezuela, Peru, Colombia, and Mexico. Operating locally as Tebca and Servitebca, the company has been serving clients in Mexico since 2009.
Anabel Perez, NovoPayment’s president and chief executive officer remarked, “While we believe the Mexican prepaid card market has tremendous potential, we have made the strategic decision to focus NovoPayment’s efforts on our service provider business. We are very pleased to be working with FleetCor on this transaction, and believe that Tebca and Servitebca’s Mexican clients and employees will find a great organization with FleetCor.”
Ron Clarke, FleetCor’s chairman and chief executive officer commented, “We are delighted to announce this deal with NovoPayment, as we continue to execute on our strategy to expand our position in ’emerging’ payment markets.”
Terms of the transaction were not disclosed, and the strategic acquisition will not have a material impact on FleetCor’s financial results.