Fleetcor Technologies (NYSE: FLT), a global business payments company, has acquired SOLE Financial, a payroll card provider enabling instant wage access for workers.
The acquisition will combine SOLE with Fleetcor’s existing digital paycard business and increase the company’s overall market.
Fleetcor owns Comdata, the largest over-the road fuel card provider.
“SOLE is a good strategic fit with our existing payroll card business, allowing us to significantly expand our footprint among small-to-medium businesses in addition to the larger enterprises we currently serve,” said Ron Clarke, Chairman and Chief Executive Officer of Fleetcor, in a statement. “In addition, SOLE has built an extensive ‘referral network’ among payroll processors and PEO firms, that we hope to extend.”
“Joining Fleetcor presents an exciting opportunity for SOLE Financial clients and partners to benefit from their resources and industry leadership position,” said Rick Holt, CEO of SOLE Financial. “I’m confident Fleetcor’s long-term vision will provide tremendous value to organizations and their employees.”
Holland & Knight LLP served as legal advisor to Fleetcor. Nomura Securities International, Inc. served as financial advisor and Ater Wynne LLP served as legal advisor to SOLE.
The Fleetcor portfolio of brands help companies automate, secure, digitize and control payments to, or on behalf of, their employees and suppliers. Fleetcor serves businesses in North America, Latin America, Europe, and Asia Pacific.
SOLE provides unbanked workers access to their pay while helping companies go paperless.