FleetCor Technologies Inc. has signed agreements to expand its emerging markets coverage by acquiring the Mexican assets of NovoPayment Inc.'s subsidiaries Tebca and Servitebca, the fleet card provider announced March 12.
With the acquisition, FleetCor increases its client portfolio of food and fuel cards in Mexico. Miami-based NovoPayment is a prepaid card service provider focused on turnkey programs for clients throughout Latin America, with operations in Venezuela, Peru, Colombia and Mexico.
The company wanted to concentrate on the service-provider aspect of its business, Anabel Perez, NovoPayment president and chief executive officer, said in a press release.
Terms of the deal were not disclosed, and the acquisition would not have a material impact on FleetCor’s financial results, according to the release.
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