Global business payments company FLEETCOR Technologies has completed its acquisition of Associated Foreign Exchange (AFEX), an international cross-border payments provider, which has offices in St Helier.
AFEX, founded in 1979, offers a range of global payment, foreign exchange and risk management services and operates from 12 offices around the world. It specialises in cross-border payment solutions to help small and medium-sized businesses grow internationally.
The acquisition will bring together AFEX and FLEETCOR’s cross-border payments counterpart, Cambridge Global Payments, to create a business that processes payments in more than 145 currencies for 30,000 customers.
“We expect the enhanced scale and breadth to accelerate revenue growth in our corporate payments business,” said Ron Clarke, Chairman and CEO of FLEETCOR Technologies.
Charles Freund, Chief Financial Officer, added: “We are raising our full-year 2021 adjusted earnings per share guidance range to $12.32-$12.88 as a result of the completed AFEX acquisition."