FleetCor Technologies Inc. (NYSE: FLT) has acquired Travelcard Nederland, a fuel card issuer in the Netherlands. Financial terms of the deal were not disclosed. The Norcross, Ga.-based provider of fuel credit card and specialized payment products said in an Aug. 4 news release that the acquisition would give it a stronger foothold in Europe.
Travelcard was founded in 1986 by Dutch fleet management company LeasePlan. It says it has about 300 thousand active fuel cards in the market, operating across nearly all fueling stations in the Netherlands with a significant presence in Belgium and Luxembourg. FleetCor also purchased Comdata, a business-to-business electronic payments provider, in 2014 for $3.45 billion from Ceridian LLC.
The demand for electronic payment processors is rising in general, which is contributing to an uptick in M&A. In July 2016, payment services provider Wex Inc. (NYSE: WEX) completed the $1.5 billion acquisition of Electronic Funds Source LLC from Warburg Pincus. Electronic Funds Source provides fleet cards to medium and large sized vehicles, such as tractor trailers. New York-based Wex, which offers similar services to cars and vans, says the acquisition will help expand the company’s customer base.
--Additional reporting by Mergers & Acquisitions' Demitri Diakantonis.