NORCROSS, Ga.--(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 completed a minority investment in Qui! Group, an Italian-based provider of food voucher and card solutions.
“This minority investment in one of the leading food card companies in Italy supports our entry into an important European market and positions the Company well to pursue other opportunities in the region. We continue to evaluate the attractiveness of this adjacent food category as another potential product expansion opportunity in Europe,” said Ron Clarke, Chairman and CEO, FLEETCOR Technologies, Inc. “The minority investment includes a right to acquire more of Qui’s business at a later date.”
Founded in 1992 and with headquarters in the Genova, Italy, Qui! provides food cards and meal vouchers to both private and public employers. Qui! is an Italian market leader with thousands of clients and a network of 100,000 grocery and restaurant establishments.
Further information, including any impact on fiscal-year 2017 guidance, will be discussed during the Company’s Q416 earnings call being held on February 8, 2017.
About FLEETCOR
FLEETCOR is a leading global provider of fuel cards and workforce payment products to businesses. FLEETCOR’s payment programs enable businesses to better control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. FLEETCOR serves commercial accounts in North America, Latin America, Europe, and Australia/New Zealand. For more information, please visit www.FLEETCOR.com.