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FLEETCOR Technologies (NYSE: FLT) has acquired Mina, a cloud-based electric vehicle (EV) charging software platform, enhancing its market position in the UK. This acquisition allows FLEETCOR to offer the only at-home charging solution that simplifies reimbursement processes for commercial fleets transitioning to EVs. Mina's software integrates with UK EV charging hardware and energy providers, streamlining the charging payment process. The deal follows a successful partnership and provides a comprehensive 3-in-1 solution that combines at-home, on-the-road, and internal combustion engine refueling options for clients.
Positive
Acquisition strengthens FLEETCOR's position in the UK EV charging market.
Provides a market-leading integrated 3-in-1 EV charging solution.
Negative
None.
Acquisition of At-Home Charging Capabilities Follows a Successful Partnership
ATLANTA--(BUSINESS WIRE)--
FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments and spend management company, today announced the acquisition of Mina, a cloud-based electric vehicle (EV) charging software platform. The acquisition provides FLEETCOR with the market-leading home-charging software solution for commercial fleets in the UK and follows a successful partnership between the companies.
The acquisition gives FLEETCOR the UK’s only EV re-charging solution that captures, calculates and pays for at-home business-use charging directly with the energy provider. Mina’s solution helps commercial fleets manage the transition to EV by dramatically simplifying and automating the reimbursement process involved in at-home charging.
“It’s a fascinating company that’s built software integrations into virtually all the UK EV charging hardware suppliers and electric utility providers. That makes at-home EV charging and reimbursement incredibly simple for employees and employers,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc.
“We now have a market-leading 3-in-1 EV charging solution for commercial fleets that combines at-home, on-the-road, along with internal combustion engine refueling into one integrated client offering,” said Tom Rowlands, global managing director of EV solutions for FLEETCOR.
About FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global business payments and spend management company that helps businesses spend less by providing innovative solutions that control expense-related purchasing and payment processes. The FLEETCOR portfolio of brands automate, secure, digitize and manage payment transactions on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.
About Mina
Mina is an award-winning Electric Vehicle (EV) charging payment startup with a mission to make EV charging radically simple. Mina has the UK’s only charging solution which allows fleet vehicles to be charged at home, crediting payment for the drivers’ energy used directly to their energy supplier. This makes paying for EV charging accurate and easy for employers and employees. For more information, please visit www.mina.co.uk.
What is the purpose of FLEETCOR's acquisition of Mina?
The acquisition aims to enhance FLEETCOR's EV charging solutions and simplify the reimbursement process for at-home charging.
What are the financial implications of FLEETCOR acquiring Mina?
The acquisition is expected to strengthen FLEETCOR's market position in the UK and potentially increase revenue from commercial fleets transitioning to EVs.
How does Mina's software benefit FLEETCOR?
Mina's software simplifies the at-home charging process for commercial fleets, facilitating easy integration with UK EV charging hardware and energy providers.
What is the significance of the 3-in-1 EV charging solution?
It allows clients to manage at-home, on-the-road, and traditional fuel use within a single integrated offering.
How does the acquisition impact FLEETCOR's stock symbol FLT?
While the press release does not specify, strategic acquisitions like this generally aim to enhance shareholder value and may positively influence FLT's stock performance.
