FLEETCOR Completes Acquisition of Cambridge Global Payments, a Leading B2B International Payments Provider
August 09 2017 - 11:30AM
Business Wire
Expands Corporate Payments Business into
Adjacent Cross-Border Payments Market
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.
Forward-Looking Statements
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.
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 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/
FLEETCOR Technologies, Inc.Investor
Relations:770-729-2017investor@fleetcor.comorMedia
Relations:press@fleetcor.comorCanadian Media Relations:Gwen
McGuire, 416-948-6500gwen.mcguire@kaiserlachance.com
FleetCor Technologies (NYSE:FLT)
Historical Stock Chart
From Mar 2024 to Apr 2024
FleetCor Technologies (NYSE:FLT)
Historical Stock Chart
From Apr 2023 to Apr 2024