Global business payments company FLEETCOR Technologies announced Thursday (June 9) that it has signed an agreement to acquire U.K.-based cross-border pay provider Global Reach Group.
According to the press release, this will help FLEETCOR amp up its cross-border payments ability, and the deal will likely close in the fourth quarter this year. Global Reach’s services work with facilitating international payments, and will add to FLEETCOR’s current business.
“Global Reach is a fantastic addition to our existing cross-border business that can be quickly integrated into our global business,” said Ron Clarke, chairman and CEO of FLEETCOR. “We anticipate the deal to be immediately accretive post-close with additional synergies to layer in during year two.”
In March, FLEETCOR also acquired airline software company Levarti, giving FLEETCOR access to the latter company’s suite of things like passenger notifications, flight rebookings and other ways to automate passenger disruptions.
Read more: FLEETCOR Acquires Airline Software Company Levarti
Levarti’s MAX software provides passengers with end-to-end digital experiences encompassing check-in, contactless payments and baggage claim help.
“This acquisition gives us a complementary solution to further automate and streamline passenger disruption events for our airline clients,” Clarke said at the time. “We expect our combined offering will be of great interest to airlines, and lead to accelerated sales in our lodging airline segment.”
According to Keagan Russo, president of Fuelman and North American Local Fleet with FLEETCOR, there has been a complexity around businesses adding electric vehicles — with some issues including range anxiety, reimbursing employees, charging company vehicles at home and measuring sustainability.
The deal with range anxiety encompasses a deficiency in the charging infrastructure as compared to fuel, leading to drivers not being able to get where they need to go because they’re fearful of being stranded. Russo called the company “charging station agnostic.”
“We have a relationship with Mastercard, and we’re able to leverage that universal acceptance network with each one of the relevant charge providers,” Russo said.
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