Edenred today announced the acquisition of a controlling interest in Greenpass through its Brazilian subsidiary Ticket Log. Founded in 2017, Greenpass develops, operates and markets an electronic toll solution based on RFID1 technology. Users enjoy a simple, digital and seamless payment experience at toll stations country-wide, as well as in a network of close to 130 parking lots.
Edenred has been rolling out its Beyond Fuel strategy for several years now, seeking to cover an increasingly large portion of non-fuel fleet management costs thanks to additional services spanning tolls, maintenance and tax refunds. Accessible via connected, multi-service solutions, these services are major growth drivers for the Group, boosting the appeal of its offering in both Europe and Latin America. They are an opportunity to develop additional revenue streams with the existing client base while increasing retention, and open up a new market for the Group.
Tolls in particular, which account for roughly 10% of fleet costs, have emerged as a highly complementary service to the fuel/charge offering. In Brazil, despite the widespread availability of toll tag technology and rising expectations for a fast, seamless and contactless payment experience, the market today is still largely untapped, particularly in the B2B segment, where only one in ten company cars are equipped with an e-toll solution.
In 2021, nearly 500,000 vehicles in Brazil were fitted with Greenpass technology. Edenred intends to leverage its service quality, client portfolio and sales know-how to increase this figure more than five-fold by 2025. Greenpass’ API-enabled, cloud-based system will integrate easily into the Ticket Log platform, enriching its data set to deliver even more comprehensive fleet management.
Jean-Urbain Hubau, Chief Operating Officer, Fleet & Mobility Solutions at Edenred, said: “We’re proud to welcome the Greenpass teams to Edenred and integrate their offering into our multiservice ecosystem for fleet managers. Greenpass has developed a technological solution that meets a real need in a market undergoing fast-paced digitalization with significant growth prospects. With Greenpass, we’re considerably increasing our ability to address this highpotential market and bringing greater value to our existing clients through a simple, centralized experience with real-time access to vehicle data.”
Joao Cumerlato, Chief Executive Officer of Greenpass, said: “We’re delighted to be joining
Edenred, the leader in fleet and mobility solutions in Latin America. This deal will enable us to combine Ticket Log’s commercial fire power with our teams’ technological expertise and become a fully integrated part of its ecosystem of connected services so we can continue to expand and enrich our innovative offering on the dynamic Brazilian toll market.”