C.H. Robinson Announces Sale of T-Chek Systems to EFS for $302.5 Million

C.H. Robinson Worldwide (NASDAQ: CHRW), todayannounced that it has reached a definitive agreement and has sold its paymentservices business, T-Chek Systems, Inc. (“T-Chek”), to Electronic FundsSource, LLC (“EFS”) for $302.5 million in cash. EFS acquired the assets andassumed certain liabilities of T-Chek.T-Chek is a business-to-business provider of spend management and paymentprocessing 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 majorcustomer segments including the truckload, less-than-truckload, and privatefleet 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 throughits MasterCard® product.“We are proud of T-Chek's success and of T-Chek's employees, who built a verystrong business with a long track record of growth,” said John P. Wiehoff,chief executive officer of C.H. Robinson. “As the payment services industrycontinues to consolidate and evolve, scale and alignment with the financialservices sector are becoming increasingly important. EFS is an excellentorganization and we felt, for T-Chek's long term success, that strategicallyit was the right time for T-Chek to join forces with EFS.”“T-Chek is a high quality company with strong customer relationships, verygood technology, and talented, dedicated employees,” said Scott Phillips,president and chief executive officer of EFS. “The acquisition will provide uswith a unique opportunity to add a successful business and outstanding team toour portfolio. We look forward to welcoming the business and its employeesinto the EFS organization.”