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FLEETCOR (FLT) Announces Minority Stake Acquisition in Mina

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Zacks Equity Research
·2 min read
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FLEETCOR Technologies, Inc. FLT announced yesterday that it has acquired a minority stake in Mina, a cloud-based digital software platform. Financial terms of the transaction have been kept under wraps.

Mina is an Electric Vehicle (“EV”) charging payment startup and United Kingdom’s only charging solution that allows charging of fleet vehicles at home and crediting payment for the energy used straight to the drivers’ energy supplier. Its platform pairs with home and work charging points and captures energy costs.

How Will FLEETCOR Benefit

Through the investment, FLEETCOR is now in a position to offer Mina’s solution to commercial fleet customers shifting to EV, thus helping them avoid payment intricacies related to expense reclaim and EV charging.

“The Mina EV investment is the first step in our plan to support our fleet clients’ needs to both re-fuel and re-charge their company vehicles, whether on the road or at home“, said Ron Clarke, FLEETCOR chairman and CEO.

Notably, FLEETCOR’s shares have gained 12.8% over the past six months, outperforming the 6.8% rally of the industry it belongs to but underperforming the 16.6% rise of the Zacks S&P 500 composite.

Zacks Rank and Stocks to Consider

FLEETCOR currently carries a Zacks Rank #3 (Hold).

Stocks worth considering in the broader Zacks Business Services sector are S&P Global SPGI, Gartner IT and TeleTech Holdings TTEC. While TeleTech sports a Zacks Rank #1 (Strong Buy), S&P Global and Gartner carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The long-term expected earnings per share (three to five years) growth rate for S&P Global,Gartner and TeleTech is pegged at 10%, 13.5% and 14.7%, respectively.

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TeleTech Holdings, Inc. (TTEC) : Free Stock Analysis Report

Gartner, Inc. (IT) : Free Stock Analysis Report

FleetCor Technologies, Inc. (FLT) : Free Stock Analysis Report

S&P Global Inc. (SPGI) : Free Stock Analysis Report

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