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Press release

Development 12 January 2016

Edenred accelerates its development in expense management

Edenred announces the signature of an agreement with the Brazilian group Embratec. This transaction will give shape to a major player in the Brazilian Expense Management market. 

Expense management


Founded in 1999, Embratec develops fuel cards and maintenance solutions in Brazil, serving around 16,000 corporate customers and accepted by some 19,000 affiliated service stations and maintenance workshops.

Embratec also develops solutions on the promising employee benefits and salary anticipation markets.


Creation of a major player in Expense Management in Brazil

Edenred and Embratec will combine their Brazilian Expense Management assets and Embratec’s Salary Anticipation business within a joint-venture, owned at 65% by Edenred and 35% by Embratec’s historic shareholders.

Edenred will contribute its Ticket Car and Repom businesses, Embratec bringing to the joint-venture all of its fuel card and maintenance businesses operated under the Ecofrotas and Expers brand names. The salary anticipation business, which has strong growth potential, will also be incorporated.. 

The new entity will make Edenred a key player in the Brazilian fuel card market with a market share of 18% (excluding “Frete”). The Group will serve more than 27,000 customers and rely on a network of 23,500 affiliated service stations. The transaction will enable Edenred to double the size of its fuel card operations in Brazil.


Improved positioning in Employee Benefits

Edenred will also acquire a 100% interest in Embratec’s employee benefits business, developed under the Ecobeneficios name.


A value-creating transaction

Edenred will finance this deal mainly by contributing its Brazilian Expense Management assets to the new entity, in which it will hold a 65% stake, complemented by a cash payment 790 million reais, equivalent to approximately 180 million euros.


Unique opportunity in line with Group strategy

The agreement with Embratec is fully in line with Edenred's strategy of accelerating its development in Expense Management, the second pillar of growth for the Group. Annual growth rate on this business topped 20% between 2009 and 2014, raising Expense Management contribution to Group's issue volume from 7% to 14%. After the transaction, and based on 2014 figures, Expense Management will account for 18% of Edenred issue volume. As a reminder, the Group also has a call option on a 51% stake in UTA, which can be exercised from 2017 onward.

Edenred will therefore achieve its target of generating more than 30% of its issue volume in Expense Management by 2017.

Infrastructure in Brazil makes road the preferred means of transportation for goods and people. B2B gasoline consumption in 2014 stood at approximately 60 billion reais and the market penetration rate for fuel cards is low (between 15 and 20%). The Brazilian Fuel & Fleet market therefore offers strong growth potential.

Edenred is delighted to seize this unique opportunity: this alliance will double the size of our operations in the Brazilian fuel card market. We will incorporate the recognized expertise of Embratec’s teams and benefitting from the support of its historic shareholders. This deal is fully in line with Edenred’s strategy to accelerate its expansion in Expense Management, which holds promising growth prospects,” declared Bertrand Dumazy, Edenred Chairman and CEO.



Edenred is a leading digital platform for services and payments and the everyday companion for people at work, connecting more than 52 million users and 2 million partner merchants in 45 countries via close to 1 million corporate clients.

Edenred offers specific-purpose payment solutions for food (such as meal benefits), incentives (such as gift cards, employee engagement platforms), mobility (such as multi-energy, maintenance, toll, parking and commuter solutions) and corporate payments (such as virtual cards). 

True to the Group’s purpose, “Enrich connections. For good.”, these solutions enhance users’ well-being and purchasing power. They improve companies’ attractiveness and efficiency, and vitalize the employment market and the local economy. They also foster access to healthier food, more environmentally friendly products and softer mobility.

Edenred’s 10,000 employees are committed to making the world of work a connected ecosystem that is safer, more efficient and more responsible every day. 
In 2022, thanks to its global technology assets, the Group managed some €38 billion in business volume, primarily carried out via mobile applications, online platforms and cards.

Edenred is listed on the Euronext Paris stock exchange and included in the following indices: CAC 40 ESG, CAC Next 20, CAC Large 60, Euronext 100, FTSE4Good and MSCI Europe.

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