FleetCor to Acquire Mobile Tracking Business
By Business Wire
Posted 03/14/2013 08:30 AM ET
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ATLANTA--(BUSINESS WIRE)-- 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, Calif.
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.
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