Fleetcor acquires PayByPhone, terms not disclosed

Fleetcor Technologies announced the acquisition of PayByPhone, a global provider of digital parking payment solutions. “We are delighted to announce the PayByPhone acquisition. Our acquisition was driven by two key strategic objectives. First, by providing our customers access to one of the world’s leading parking apps, it helps expand the vehicle payment solutions we provide our B2B fleet customers in North America and Europe. Second, it will serve as an anchor app for the consumer vehicle payments business we are launching in the UK, where PayByPhone has over 2 million active monthly consumers. Our strategy is to deliver our existing payment products and networks through a single mobile app to PayByPhone’s UK customers. This strategy has already been quite successful in Brazil, and we are excited about the opportunities in the UK, and ultimately, intend to expand the strategy into Europe and North America,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc.