FleetCor to Acquire Mobile Tracking Business
ATLANTA -- March 14, 2013
FleetCor Technologies, Inc. (NYSE: FLT), a leading global provider of fuel
cards and workforce payment products to businesses, announced today that it
has signed definitive documents to acquire a mobile business, that tracks the
location of mobile workers in field based businesses.
The agreement includes the acquisition of Telenav’s (NASDAQ: TNAV) enterprise
business. Telenav, a leader in personalized navigation, is based in Sunnyvale,
The enterprise division being acquired has approximately 8,000 business
clients, and a marketing relationship with AT&T, Sprint and Verizon. The
division’s flagship product line is a set of mobile handset applications
(compatible with both Apple and Android) that provide mobile workforces with
tracking and other productivity tools.
“This transaction will provide us with a set of mobile applications and
capabilities designed specifically for a business workforce that is
predominantly field based, exactly the same profile as our fuel card clients.
We hope to tailor the Telenav application to become a valued add on to our
fuel card programs the world over,” said Ron Clarke, Chairman and Chief
Executive Officer of FleetCor.
Terms of the transaction were not disclosed.
FleetCor is a leading global provider of fuel cards and workforce payment
programs to businesses. FleetCor’s payment programs enable businesses to
better control employee spending and provide card-accepting merchants with a
high volume customer base that can increase their sales and customer loyalty.
FleetCor serves commercial accounts in North America, Latin America, and
Europe. For more information, please visit www.fleetcor.com.
This press release contains forward-looking statements within the meaning of
the federal securities laws. Some of these statements include those regarding
the acquisition, benefits of the transaction, provision technical capabilities
and add-on services, and any other statements about management’s future
expectations, beliefs, goals, plans or prospects. 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" or "expect," "may,"
"will," "would," "could" or "should," the negative of these terms or other
comparable terminology. There are a number of important factors that could
cause actual results or events to differ materially from those indicated by
such forward-looking statements, including difficulties integrating the
acquisition or a failure to attain anticipated operating results, which could
affect the accretiveness of the acquisition, and the other factors described
in FleetCor’s periodic reports filed with the Securities and Exchange
Commission. FleetCor undertakes no obligation to update forward looking
statements to reflect changed assumptions, the occurrence of unanticipated
events, or changes in future operating results, financial condition or
business over time. Readers are further advised to review the “Risk Factors”
set forth in FleetCor’s Annual Report on Form 10-K, which further details and
supplements the factors described in this paragraph.
Investor Relations, 770-729-2017
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