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C.H. Robinson Worldwide
, today
announced that it has reached a definitive agreement and has sold its payment
services business, T-Chek Systems, Inc. (“T-Chek”), to Electronic Funds
Source, LLC (“EFS”) for $302.5 million in cash. EFS acquired the assets and
assumed certain liabilities of T-Chek.
T-Chek is a business-to-business provider of spend management and payment
processing services. T-Chek's technology supports a variety of funds transfer,
vendor payment, fuel purchasing, and online expense management tools.
Historically, T-Chek has focused on the transportation industry with its major
customer segments including the truckload, less-than-truckload, and private
fleet industries, and truck stop chains. Due to changes in the industry,
T-Chek has expanded its business further into the financial services sector,
to include funds transfer and expense management for other industries through
its MasterCard® product.
“We are proud of T-Chek's success and of T-Chek's employees, who built a very
strong business with a long track record of growth,” said John P. Wiehoff,
chief executive officer of C.H. Robinson. “As the payment services industry
continues to consolidate and evolve, scale and alignment with the financial
services sector are becoming increasingly important. EFS is an excellent
organization and we felt, for T-Chek's long term success, that strategically
it was the right time for T-Chek to join forces with EFS.”
“T-Chek is a high quality company with strong customer relationships, very
good technology, and talented, dedicated employees,” said Scott Phillips,
president and chief executive officer of EFS. “The acquisition will provide us
with a unique opportunity to add a successful business and outstanding team to
our portfolio. We look forward to welcoming the business and its employees
into the EFS organization.”
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