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NEW YORK -- FleetCor Technologies and the Commercial Fueling Network (CFN) Thursday announced the two companies have merged.
The FleetCor-CFN combination creates the largest fleet card processing business, focused on serving the needs of petroleum marketers and business fleet operators, the companies said.
Together, FleetCor and CFN process more than 100 million transactions annually representing over $3 billion dollars in purchases. The combined company will be headed by Ron Clarke and maintain a national network of 16 local company offices, including the existing Atlanta and San Francisco locations.
"We see the fleet card industry entering a period of consolidation. FleetCor is a great fit for CFN, and CFN's participants will be well served by the union," said Fred Bertetta, who founded CFN, a provider of fleet card processing and networking services for commercial fueling cardlock operators, in 1998.
The CFN network is comprised of 350 petroleum marketers with 2,500 retail and cardlock fueling locations throughout the United States and Canada.
FleetCor Technologies was established in 2000 with the goal of becoming the leading fleet card issuing and processing company in the industry. FleetCor's current card programs are marketed under a variety of private-label and proprietary brand names, including Fuelman, Gascard and FleetNet.
"CFN is the perfect complement to FleetCor's fleet card family of solutions," said FleetCor Chairman and CEO Ron Clarke. "We can now provide all petroleum market segments with a card solution that's right for them."