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FLEETCOR Technologies, Inc. (NYSE: FLT) has announced the acquisition of Roomex, a workforce lodging provider in the UK and Germany, aimed at expanding its European presence. The deal will enhance FLEETCOR's existing workforce lodging business, which books millions of hotel nights annually across 45,000 U.S. properties. Roomex’s established network and customer base of 600 clients and 50,000 hotels are expected to fuel growth and improve service offerings. The transaction is anticipated to close in November 2023.
Positive
Acquisition of Roomex provides entry into the European market, enhancing geographical reach.
Roomex's existing client base of 600 businesses and 50,000 hotels offers a solid foundation for growth.
Opportunity to leverage existing FLEETCOR client relationships to expand Roomex's offerings.
Negative
None.
Deal Extends Workforce Lodging Business to International Markets
ATLANTA--(BUSINESS WIRE)--
FLEETCOR Technologies, Inc. (NYSE: FLT), a leading global business payments company, announced today it has signed a definitive agreement to acquire Roomex, a European workforce lodging provider serving the UK and German markets. The acquisition extends FLEETCOR'sU.S. workforce lodging business to Europe and provides a platform for further international expansion. The transaction is expected to close in November.
Roomex, headquartered in Dublin, Ireland, has 600 workforce business customers who have stayed in approximately 50,000 hotels.
FLEETCOR’s existing lodging business books tens of millions of hotel room nights annually across a network of 45,000 hotel properties primarily in the U.S. The lodging solutions provide customers with savings, specialized controls and consolidated invoices.
“Roomex gives us a very similar workforce lodging business in Europe. It provides us a base of operations, expertise and a hotel network from which we can build out the lodging business across Europe while leveraging the significant client base we already have there,” said Ron Clarke, chairman and chief executive officer, FLEETCOR Technologies, Inc.
“We are thrilled to join the FLEETCOR team. FLEETCOR’s distribution scale, payment solutions and client relationships will enable Roomex to expand its product offering and accelerate our sales growth,” said Garry Moroney, CEO of Roomex.
About FLEETCOR®
FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that helps businesses spend less by providing innovative solutions that enable and 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 ROOMEX
Roomex is the all-in-one travel and expenses platform built for businesses with a mobile workforce. Roomex helps you book, manage, pay and analyze all of your accommodation, rail and expenses in one place - saving both time and money. Headquartered in Dublin, Ireland with offices in London, and Munich, Roomex is on a mission to make workforce travel and spend management as seamless and cost-effective as possible. Learn more at www.roomex.com.
