FLEETCOR Technologies, Inc. (NYSE: FLT), a global business payments company, recently announced it has signed a definitive agreement “to acquire the Global Reach Group, a UK-based cross-border payments provider.”
With the acquisition, FLEETCOR increases its cross-border payments scale and strengthens its position “as one of the largest non-bank global cross-border providers in the world.”
The transaction is expected “to close in the fourth quarter of 2022, subject to regulatory approval and standard closing conditions.”
Global Reach Group serves customers of all sizes “by facilitating international payments.”
With thousands of corporate clients primarily in the United Kingdom and Canada, the acquisition “provides an overlapping footprint to FLEETCOR’s current cross-border payments business.”
Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc., said:
“Global Reach is a fantastic addition to our existing cross-border business that can be quickly integrated into our global business. We anticipate the deal to be immediately accretive post-close with additional synergies to layer in during year two.”
Jones Day provided legal counsel to FLEETCOR.
Eversheds Sutherland provided legal counsel to Global Reach, and Canaccord Genuity provided strategic and financial advice to Global Reach.
As noted in the update, FLEETCOR Technologies is a global corporate payments company that helps businesses spend less “by providing innovative solutions that enable and control expense-related purchasing and payment processes.”
The FLEETCOR portfolio of brands “automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific.”
Founded in 2001 and headquartered in London, Global Reach has “developed a presence in the UK, Canada, Spain, and the Netherlands.”
In May, 2022– FLEETCOR Technologies, Inc. reported financial results “for its first quarter ended March 31, 2022.”
Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc., said:
“We reported an outstanding first quarter, with strong core trends driving revenues and adjusted net income per share growth of 30% and 29%, respectively. Overall organic revenue growth remained strong at 15% for the quarter, as broad-based strength in new sales, up 39%, and customer retention of 93%, drove the results. We expect our strong performance to continue, and we are raising our guidance to reflect our first quarter outperformance, and our updated outlook.”