Prepared for Prescott W. | Delivered April 24, 2020
To provide a historical analysis of Comdata's performance and activities before and after it was acquired by FleetCor by looking at Comdata's core businesses and details of the acquisition.
Origins of the Company
Comdata is founded by Curtiss W. Harter Jr. on
July 17, 1969
The company started as a "
program for the transport industry." It introduced Comcheck in 1971 after the
Western Union strikes
State before FleetCor Acquisition
When FleetCor Technologies, Inc. acquired Comdata Inc. last August 2014, Comdata was a "leading business-to-business provider of innovative
electronic payment solutions
At that time, Comdata was an issuer and a processor that "provides fleet, virtual card, and gift card solutions to over 20,000 customers, has approximately 1,300 employees and enables over
in payments annually."
According to Ron Clarke, chairman, and chief executive officer of FleetCor Technologies, Inc then, “Comdata’s virtual payments business will add a completely new growth leg to FleetCor, the combination will result in significant synergies as we implement our operating disciplines to their
portfolio of businesses
One of the reasons why FleetCor acquired Comdata is its expanding potential. The acquisition was expected to expand "FleetCor’s North American fuel card business into
new, unserved markets
Also, it has allowed FleetCor to enter the
virtual payments space
. FleetCor has foreseen this to be a substantial business. Aside from that, the acquisition was expected to bring a dramatic increase in FleetCor’s
diversity, and earnings base.
In March 2020, Comdata launched Comdata QuickPay which is a "
new financing solution
that gives fleet owners access to same-day payments on the loads they deliver." This is the "
latest payment innovation
from Comdata’s offerings of fleet solutions to help fleets meet their financial needs."
In October 2019, Comdata launched Comdata OneLook which is a "
new business intelligence solution
which provides both local and trucking fleet managers with more strategic and actionable analytics from their Comdata Fuel Cards."
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