Fleetcor Technologies Inc., an Atlanta-based provider of prepaid fuel cards and other payment services, has agreed to buy a Brazilian firm for $180 million.
Acquiring CTF Technologies Inc. will give Fleetcor a foothold in one of the world’s largest energy markets.
CTF’s payment services link fleet operators with Brazil’s largest banks and oil companies. CTF processes fuel payments for vehicles, ships, mining equipment railroads in the country, according to a Fleetcor news release.
Fleetcor chose CTF largely because of its relationships with Petrobras and Ipiranga, oil companies that control 60 percent of fuel retail outlets. Also, the CTF system is applicable across a variety of developing countries where fuel theft is common, said Ron Clark, Fleetcor’s chairman and CEO.
The deal is expected to close in 60 days.
Fleetcor had $520 million in sales in 2011. The company employs more than 2,100 people in 18 countries.
Visit www.fleetcor.com for more information.