FleetCor Carving out Telenav's Enterprise Business Unit
March 18, 2013
FleetCor Technologies (NYSE: FLT), a PE-backed payment card company, has agreed to acquire the enterprise business unit of Telenav (NASDAQ: TNAV) for $10 million in cash. The business allows companies to better manage operations using location-based services to track the status and location of mobile workers, vehicles and assets. After closing, anticipated in approximately thirty days, Telenav will provide certain services to facilitate the transition of the business. Summit Partners, Bain Capital and GCC Investments own a combined controlling stake in FleetCor, a Georgia-based provider of fuel cards and workforce payment products.