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FleetCor (FLT) Snaps Up Payroll Card Provider SOLE Financial
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FleetCor Technologies, Inc. , yesterday announced the acquisition of payroll card provider SOLE Financial. SOLE will combine with FleetCor’s digital paycard business. Financial terms were not disclosed.
The move follows acquisition of Nvoicepay in March, which is expected to expand the company’s corporate payments business with full disbursement accounts payable cloud platform.
We observe that FleetCor’s stock gained a massive 56.6% year to date, significantly outperforming the 39.4% rally of the industry it belongs to.
How Will FleetCor Benefit?
The acquisition is expected to extend the company’s payroll and card portfolios and expand its addressable market, thus enabling it better serve small and medium-sized as well as larger businesses.
“SOLE has built an extensive ‘referral network’ among payroll processors and PEO firms, that we hope to extend,” said Ron Clarke, Chairman and Chief Executive Officer of FleetCor.
Acquisition is an important part of FleetCor’s growth strategy and a significant contributor to its top line. Since 2002, it has acquired more than 75 companies and commercial account portfolios. In 2018, FleetCor witnessed $97 million of additional revenues from the acquisitions completed in 2017.
The long-term expected EPS (three to five years) growth rate for Broadridge, Accenture and Automatic Data Processing is 10%, 10.3% and 13%, respectively.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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FleetCor (FLT) Snaps Up Payroll Card Provider SOLE Financial
FleetCor Technologies, Inc. , yesterday announced the acquisition of payroll card provider SOLE Financial. SOLE will combine with FleetCor’s digital paycard business. Financial terms were not disclosed.
The move follows acquisition of Nvoicepay in March, which is expected to expand the company’s corporate payments business with full disbursement accounts payable cloud platform.
We observe that FleetCor’s stock gained a massive 56.6% year to date, significantly outperforming the 39.4% rally of the industry it belongs to.
How Will FleetCor Benefit?
The acquisition is expected to extend the company’s payroll and card portfolios and expand its addressable market, thus enabling it better serve small and medium-sized as well as larger businesses.
“SOLE has built an extensive ‘referral network’ among payroll processors and PEO firms, that we hope to extend,” said Ron Clarke, Chairman and Chief Executive Officer of FleetCor.
Acquisition is an important part of FleetCor’s growth strategy and a significant contributor to its top line. Since 2002, it has acquired more than 75 companies and commercial account portfolios. In 2018, FleetCor witnessed $97 million of additional revenues from the acquisitions completed in 2017.
Zacks Rank & Stocks to Consider
FleetCor currently carries a Zacks Rank #3 (Hold). A few better-ranked stocks in the broader Zacks Business Services sector are Broadridge (BR - Free Report) , Accenture (ACN - Free Report) and Automatic Data Processing (ADP - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The long-term expected EPS (three to five years) growth rate for Broadridge, Accenture and Automatic Data Processing is 10%, 10.3% and 13%, respectively.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>