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Press release

Development 09 January 2019

Edenred completes the acquisition of CSI and that of TRFC

Edenred, the world leader in transactional solutions for companies, employees and merchants, has announced the completion of its acquisition of Corporate Spending Innovations (“CSI”), one of the leading providers of automated corporate payment software in North America. The Group has also finalized the acquisition of 80% of the share capital of The Right Fuelcard Company (“TRFC”) group, the number four fuel card program manager in the United Kingdom. Both transactions have been approved by the relevant competition authorities and completed in accordance with the agreements signed between the parties and announced on November 8 and November 27, 2018, respectively. The two companies will be fully consolidated in Edenred’s financial statements as from January 1, 2019.

Edenred completes the acquisition of CSI, marking its entry into the fast growing North American corporate payment market

Acquiring CSI will enable Edenred to step up its development in the fast-growing corporate payment segment, enhance its digital payment technology platform and significantly increase its exposure to the North American market. 

Headquartered in Florida, CSI is one of the leading North American providers of corporate payment solutions, working with a portfolio of more than 800 corporate clients to facilitate payments to their 475,000 vendors. In 2018, the fintech processed around 900,000 transactions, for payment volumes of around $11 billion, and forecasts adjusted EBITDA of $26 million for the full year. Edenred expects CSI to generate annual revenue growth of around 20% in the coming years. 

CSI was acquired for around $600 million. The transaction will be accretive to Group EBIT from 2019 and to net profit, Group share from 2020.

Edenred finalizes the acquisition of TRFC, establishing a foothold in the UK fleet and mobility solutions market

The acquisition of the TRFC group will enable Edenred to continue expanding in the field of fleet and mobility solutions by moving into the United Kingdom, one of Europe’s largest markets. 

Based in Leeds and Glasgow, the TRFC group helps 27,000 corporate clients optimize the management of their heavy and light vehicle fleets. Its 150,000 cardholders can fill up at 90% of UK service stations using monobrand or multibrand fuel cards. The TRFC group is estimated to have generated more than £11 million in EBITDA in 2018. 

The acquisition of 80% of the TRFC group’s share capital  represented an outlay of around £95 million for Edenred and will be accretive to EBIT and net profit, Group share from 2019.

The two companies will be fully consolidated in Edenred’s financial statements as from January 1, 2019.


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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