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Fleetcor Technologies Inc

Fleetcor Technologies Inc (FLT)

FleetCor Technologies, Inc., incorporated on February 3, 1998, is a provider of workforce payment products. The Company offers fuel card payments product solutions, corporate payments products, toll products, lodging cards and gift cards. The Company operates through two segments: North America and International. The Company's products are sold to businesses, retailers, oil companies and marketers, and government entities. The Company's payment programs enable its customers to manage and control their commercial payments, card programs and employee spending. The Company also provides a suite of fleet related and workforce payment products, including mobile telematics services, fleet maintenance management and employee benefit and transportation related payments. As of December 31, 2016, its products were used in 53 countries around the world, with its primary geographies in the United States, Brazil and the United Kingdom.

The Company owns and operates closed-loop networks through which it electronically connects to its merchants and captures, analyzes and reports customized information. It also uses third-party networks to deliver its payment programs and services in order to extend its card acceptance and use. It also provides a range of services, such as issuing and processing, as well as specialized information services that provide its customers with value-added functionality and data. Its customers can use this data to track business productivity metrics, combat fraud and employee misuse, streamline expense administration and lower overall workforce and fleet operating costs. It distributes its commercial payment solutions through direct and indirect channels to businesses of all sizes and types across various industry verticals, including retail, healthcare, construction and hospitality. Its indirect channel includes a range of value-added resellers (VARs) and other referral partners.

Products and Services

The Company offers its suite of product offerings as workforce productivity enhancement products for commercial businesses. It sells a range of customized fleet and lodging payment programs directly and indirectly to its customers through partners, such as oil companies, leasing companies and petroleum marketers. It provides its customers with a range of card products that function like a charge card to purchase fuel, lodging, food, toll, transportation and related products and services at participating locations. It supports these card products with specialized issuing, processing and information services that enable it to manage card accounts, facilitate the routing, authorization, clearing and settlement of transactions, and provide value-added functionality and data, including customizable card-level controls and productivity analysis tools. It provides these services in a variety of outsourced solutions ranging from an end-to-end solution (encompassing issuing, processing and network services) to back office processing services.

The Company also offers a telematics solution that combines global positioning, satellite tracking and other wireless technology to allow fleet operators to monitor the capacity utilization and movement of their vehicles and drivers. It also provides a vehicle maintenance service offering that helps fleet customers to manage their vehicle maintenance, service, and repair needs in the United Kingdom. In Mexico, it offers prepaid fuel and food vouchers and cards that may be used as a form of payment in restaurants, grocery stores and gas stations. It also offers a similar workforce payment product in Brazil related to public transportation and toll vouchers. Additionally in Brazil, it has designed equipment, which when installed at the fueling site and on the vehicle and combined with its processing system, reduces the likelihood of unauthorized and fraudulent transactions. It offers this product to over-the-road trucking fleets, shipping fleets and other operators of industrialized equipment, including sea-going vessels, mining equipment, agricultural equipment, and locomotives. Also in Brazil, it offers an electronic toll and parking payments product to commercial and consumer customers, as well as a cardless fuel payments product offering at fueling sites throughout Brazil.

Networks

The Company's networks have well-established brands in local markets and technology that enable it to capture, transact, analyze and report value-added information pertinent to managing and controlling employee spending. Its North America closed-loop networks include Fuelman network, Comdata network, Corporate Lodging Consultants network (CLC), Commercial Fueling Network (CFN), Pacific Pride Fueling network (Pacific Pride). Fuelman network is a fleet card network in the United States. As of December 31, 2016, it had negotiated card acceptance and settlement terms with over 11,000 individual merchants, providing the Fuelman network with over 55,000 fueling sites and over 28,000 maintenance sites across the country. Comdata network is a network of truck stops and fuel merchants for the over-the-road trucking industry. As of December 31, 2016, it had negotiated card acceptance and settlement terms at over 6,800 truck stops and fuel merchants across the United States and Canada. CLC is a lodging network in the United States and Canada. As of December 31, 2016, the CLC Lodging network included over 16,400 hotels. The CFN network is composed of over 2,500 fueling sites owned by a CFN member. CFN provides fuel card authorization, transaction processing, cardlock site branding and reciprocal site access for over 220 independent petroleum marketers. Pacific Pride's franchise fueling network in the United States composed of approximately 1,200 fueling sites owned by over 250 franchisees. The Pacific Pride franchise offering includes a dynamic fleet card management system and provides franchisees' fleet customers access to Pacific Pride's network of unattended fueling facilities. As of December 31, 2016, the PrideAdvantage fleet card provided fleet customers of franchisees access to over 55,000 locations via FleetCor's Fuelman network.

The Company's international proprietary closed-loop networks include Allstar network, Keyfuels network, CCS network, Petrol Plus Region (PPR) network, Efectivale network, CTF network, 1link service network, RODOCRED network, VB Distribution system and Sem Parar network. Allstar network is a fleet card network in the United Kingdom. As of December 31, 2016, it had negotiated card acceptance and settlement terms with over 2,200 individual merchants, providing this network with over 7,400 fueling sites. Keyfuels network is a fleet card network in the United Kingdom. As of December 31, 2016, it had negotiated card acceptance and settlement terms with over 500 individual merchants, providing the Keyfuels network with over 2,600 fueling sites. CCS network is a fleet card network in the Czech Republic and Slovakia. As of December 31, 2016, it had negotiated card acceptance and settlement terms with several oil companies and with over 1,100 other merchants, providing the CCS network at over 2,600 fueling sites and 800 other sites accepting its cards. PPR network is a fleet card network in Russia, Poland, Ukraine, Belarus, Kazakhstan and Moldova. As of December 31, 2016, it had negotiated card acceptance and settlement terms with approximately 650 individual merchants, providing the PPR network with over 13,500 fueling sites across the region. Efectivale network is a fuel and food card and voucher networks in Mexico. As of December 31, 2016, it had negotiated acceptance and settlement terms with over 52,000 individual merchants, providing the Mexican network with over 6,200 fueling sites, 41,800 food locations and 4,000 restaurants. CTF network is a fuel controls network in Brazil. 1link service network is a maintenance and repair network in the United Kingdom. RODOCRED network is a toll network in Brazil. The RODOCRED network processes toll transactions for over 46,900 customers on all toll roads across Brazil. VB Distribution system is a distribution network in Brazil for transportation cards, meal/grocery cards, and fuel cards. As of December 31, 2016, the VB distribution network distributed cards for over 25,000 clients and negotiates with over 1,300 public transportation agencies across Brazil. Sem Parar network is a toll network in Brazil. It also utilizes various third-party networks to deliver its payment programs and services. Third-party networks include MasterCard network, oil and fuel marketer networks, UTA network-UNION TANK Eckstein GmbH & Co. KG (UTA), DKV network and Carnet networks.

The Company competes with WEX, U.S. Bank Voyager Fleet Systems, World Fuel Services, Edenred, Sodexo, Alelo, ConectCar, Radius Payment Solutions, Ebbon-Dacs, Fleet on Demand, Bank of America, Citibank, J.P. Morgan Chase, PNC Bank, Wells Fargo Bank, American Express, First Data Corporation, Fidelity National Information Services, Global Cash Card, Green Dot Financial, Total System Services, Automatic Data Processing, Paychex, Heartland Payment Systems, Verizon, Omnitracs, Trimble, Danaher, Zonar Systems, TomTom Telematics, Novatel Wireless and Transics.

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