US Fuel Payment Processor Enters Brazil

FleetCor Technologies has agreed to acquire Brazil’s CTF Technologies for $180m, it says. CTF provides fuel payment processing services for road fleets, ships, mining equipment, and railroads, and claims Bradesco, Itau, Petrobras and Ipiranga as clients. CTF earns revenue primarily from a recurring transaction fee paid by the oil companies who purchase the CTF system for their fleet customers under multiyear contracts. The deal marks an entrance into Brazil for FleetCor, which already operates in Mexico. Georgia-based FleetCor provides fuel and specialized payment products with a focus on the oil industry.